The Board of Directors of PTL Enterprises, today took on record the company’s unaudited results for Third Quarter of 2007-8 and gave approval for a Rs 40 crore green field project in Kerala.For the third quarter of the year, PTL Enterprises recorded a total income of Rs 6.71 crores from Rs 3.80 crores in the same quarter last year.. — a jump of nearly 77%. Net profit for the company zoomed by over 1000% to Rs 2.36 crores this quarter from Rs 20 lakhs in Q3 FY 2006-07.

The Board of Directors approved a Rs 40 crore investment in Kerala. This will be used for a green field facility to manufacture Speciality Tyres for the Indian market. The manufacturing unit will come up in the recently acquired land in Rubber Park 1 in Irapuram, Ernakulam district of Kerala.

Said Mr. Onkar S Kanwar, Chairman, PTL Enterprises, “This is an additional capacity that we are bringing into PTL of Rs 40 crores to expand the product range produced here, in addititon to the 90 tonnes produced every day at the Kalamassery plant. This will take the plant to the next level of manufacturing with modern machinery, technology and manufacturing processes. This new project along with the move to a larger area will allow PTL to expand its operations and product lines at a steady pace in the near future.”

In October 2007, PTL Enterprises had announced plans to relocate its 90 tonnes a day tyre manufacturing unit in Kalamassery to Rubber Park 1 to enable capacity expansion. On the same day, a ground-breaking ceremony was undertaken at the new site. The Speciality Tyres plant with constitute Phase 1 of the gradual relocation of the Kalamassery plant to Rubber Park 1 in Irapuram.

The Board also constituted a Committee of Directors to consider and approve various options for raising funds to meet the above requirements, including the issue of Securities as may be decided by the Committee.

Sourced From: PTL Enterprises

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