GMM Pfaudler gains 8% on acquiring HDO Technologies' assets for Rs 58 crore

The facility is located in Vatva, Ahmedabad and is equipped to manufacture a wide range of heavy engineering equipment

Shares of GMM Pfaudler rallied 8 per cent to Rs 4,550 on the BSE in intra-day trade on Wednesday after the company said it has acquired assets of HDO Technologies in liquidation for a total consideration of Rs 58.46 crore.

The acquisition will significantly enhance the company’s capacity and augment capabilities in heavy engineering and free up capacity at the company’s Karamsad facility to expand glass-lined business; a very timely opportunity that fits perfectly with our long term strategy of growing all business lines, the management said.

GMM Pfaudler in a press release said the company has participated in the