TCG Funds Fund 1 picks up stake in G G Engineering Ltd.
Mumbai (Maharashtra) [India], March 5 (ANI/NewsVoir): TCG Funds Fund 1 picks up stake BSE listed G G Engineering (BSE: 540614) (An authorized OEM for Tata Motors). As per bulk deal data available on BSE, TCG Funds Fund 1 on 4th March, picked up around 178800 shares at Rs 123, HNI buying was also witnessed.
ANI
Mar 05, 2021 13:32 IST
Mumbai (Maharashtra) [India], March 5 (ANI/NewsVoir): TCG Funds Fund 1 picks up stake BSE listed G G Engineering (BSE: 540614) (An authorized OEM for Tata Motors). As per bulk deal data available on BSE, TCG Funds Fund 1 on 4th March, picked up around 178800 shares at Rs 123, HNI buying was also witnessed.
G G Engineering Ltd. was established in 2006 to cater to the rising demand of quality sheet metal and heavy steel products. The company's flagship products include smart Reverse Vending Machines (RVMs), sheet metal components for commercial air-conditioners, and industrial diesel generator sets. This bulk deal is a confidence booster and the Company is well and truly en route to achieve high growth.
Inspired by the Swachh Bharat Abhiyan, GGE launched India's first fully-automated and smart RVMs for crushing/shredding PET bottles with the objective of enabling environment-friendly disposal of plastic waste. The company also manufactures sheet metal air conditioning components with powder coating for Tata Group's Voltas and is the only approved vendor for the OEM's Vadodara unit. Voltas outsources components for its commercial AC range at the Vadodara facility, where commercial-use ACs of 10 tons and higher sizes are manufactured, which are installed in malls, airports, corporate offices and other commercial facilities.
GGE has in its portfolio multiple products, especially In the RVM category. RVM has massive market drivers due to the fact that there is 6.3 billion tonnes of plastic waste being accumulated globally and 79 per cent of this waste ends up in landfills. It takes on average 400 years for plastic to biodegrade and this is quite an alarming factor.
India ranks 15th globally in plastic pollution. Thus, the Reverse vending machines like the ones by GGE, are very important to the country and the world to tackle these grave problems. G G Engineering has an order from western railway to install RVMs across stations with Advertisement rights. These advertisement rights are an alternate revenue stream for the company and may become more prominent once more such installation projects are executed.
GGE further specializes in custom-built enclosure generator sets, driven by Tata Motors engines, for both stationary and mobile applications with its latest series of gensets equipped with engines applying quantum techniques to enhance durability and stability. The company also supplies industrial engines for various applications, marine engines, and spare parts for diesel genset to the local and International markets.
Most recently, the company has launched pathogen-protection products in the wake of the COVID-19 pandemic for defense against the novel coronavirus and other deadly pathogens. This range of products includes sanitizing tunnels, touchless hand sanitizer stations, and mask vending machines.
The company expects their revenue to increase to Rs 130 crore in FY 21-22 and Rs 286 crore subsequently in FY 22-23, with a PAT expectancy and projection of Rs 29 crore in FY 21-22 and Rs 52 crore in FY 22-23.
State-of-the-art plant, marquee clients, and strong distribution in Western India are key positives. GGE's state-of-the-art manufacturing facility with an area of 40,000 sq. ft. is strategically located in the industrial hub of Bharuch in Gujarat. The plant enabled with CAD and in-house R&D facility has an annual capacity of 5,100 units and customization capabilities across product categories.
The company has a wide distribution network in Western India with 12 distributors and 6 customer service agencies across Gujarat and Maharashtra. GGE's past and present clients/partners include some marquee names such as Tata Motors, Voltas, Panasonic, Indian Railways and Reliance Life Sciences as well as emerging companies such as Ganesha Ecosphere, etc.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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