The commercial production of the first phase is expected to commence in March 2023.
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Capital goods engineering company Salzer Electronics Ltd. on Monday gained over 6 percent after it announced that it was setting up a new manufacturing facility at Hosur in the Krishnagiri district of Tamil Nadu at an initial investment of Rs 15 crore.
The new facility will help increase the company’s production capacity of high-demand products like Wire Harness and Toroidal Transformers.
The investment will be made through internal accruals.
The new strategically located rented manufacturing facility is spread over 8 acres, which covers an area of around 30,000 square feet.
The commercial production of the first phase is expected to commence in March 2023. The company will utilise 15,000 square feet of area in the first phase, while the rest will be utised in the second phase.
Salzer mentioned that the new Hosur facility, which is in proximity to large auto component suppliers, two-wheeler manufacturing companies, and other global leading manufacturers of electrical products in the region, would gain more momentum with quick delivery and improved focus on customer requirements and satisfaction.
Salzer is a Leading player offering total and customised electrical solutions in switchgears, wires and cables, and energy management business. It is the largest manufacturer of CAM-operated rotary switches and wire ducts in India. The company caters to a wide range of products with four in-house manufacturing facilities, located in Coimbatore.
Ventura Securities this month announced that it has initiated coverage on shares of Salzer Electronics with a ‘buy’ rating and has assigned a 24-month target price of Rs 388.
Shares of the company are trading 5 percent higher at Rs 303.85.