Enameled copper winding wires manufacturer Precision Wires India Ltd. on Thursday announced that it will soon open a depot at Ahmednagar in Maharashtra to better serve its specific customers in the state.

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The company in an exchange filing stated that all the relevant registrations have been obtained for the opening of the depot at Ahmednagar.

On the ongoing expansion-cum-modernisation project at the Silvassa facility in the Union Territory of Dadra and Nagar Haveli and Daman and Diu, Precision Wires India stated that the commercial production is expected to start from March 2023 until the end of 2023 in stages.

The civil work has been completed and all orders for equipment have been placed while some of those have also arrived and others are in pipeline, the company said in a separate filing.

The Mumbai-based company has been sanctioned a term loan of Rs 35 crore for the expansion-cum modernisation project.

The Silvassa facility manufactures a wide range of products including enameled round and rectangular copper winding wires, continuously transposed conductors and paper/mica/Nomex insulated copper conductors (PICC), which are used across the globe by the electrical/electronics industry.

Precision Wires India with an installed capacity of about 40,000 MT per year, is one of the largest producers of winding wires in South Asia. The company reported revenue of Rs 698.54 crore for the December quarter as against Rs 704.83 crore a year ago. Net profit stood at Rs 15.13 crore compared to Rs 18.16 crore in the corresponding period a year ago.

Shares of Precision Wires ended 0.7 percent higher at Rs 68.85.

(Edited by : Rukmani Krishna)