Ratnamani Metals & Tubes informed stock exchanges on Monday that its subsidiary, Ratnamani Finow Spooling Solutions, has secured export orders worth $286 million, translating to roughly Rs 2,700 crore.
The company made the disclosure through a regulatory filing to the BSE and the National Stock Exchange.
$286 million orders for spools and hangers
The orders are for the supply of spools and hangers to international customers, according to the filing. Ratnamani did not name the specific buyers, describing them only as international customers of the subsidiary.
Part of the work will be manufactured in-house at the subsidiary’s plant. The remaining portion will be sub-contracted and sold on a mercantile trade transaction basis, the company said. The orders are expected to be executed over a period of two to three years.
Ratnamani also stated that the transaction does not fall under related party dealings.
About Ratnamani Metals & Tubes
Ratnamani Metals & Tubes is an Ahmedabad-based manufacturer of stainless steel and carbon steel pipes and tubes, catering to sectors such as oil and gas, power, fertilisers and general engineering. The company is listed on both the BSE and the NSE, and has expanded its business over the years through subsidiaries, including Ratnamani Finow Spooling Solutions, which focuses on the supply of spools and hangers to domestic and international customers.
Ratnamani Metals & Tubes share price today
Ratnamani Metals & Tubes’ share price is up 0.41% as of market opening on August 25. The company’s share price has been up 12.64% in the past month. Over the past year, Ratnamani Metals & Tubes’ share price has been up 10.6%.