The company will undertake the repair, marketing, promotion, and sale of industrial ball screws, linear actuators, electro spindles, milling heads or other manufactured components within the territory of India.
Umbra Group will be supporting to the company to all technical aspects as may be required and the company will be marketing Umbra’s Product in designatory territory i.e India in accordance with terms and conditions of the agreement.
Offering the rationale for the said agreement, HEIL stated: “Umbra Group needed a local partner to improve their local presence and sales in India and the company is also aligned with their product expertise and also, the company would like to expand its horizon. On account of this, Company has entered into the Agreement with Umbra Group.”
Harsha Engineers International houses two businesses i.e. manufacturing of bearing cages and solar EPC business.
The company had reported a consolidated net profit had declined 6.49% to Rs 29.68 crore despite a 7.91% increase in sales to Rs 324.45 crore in Q3 FY24 over Q3 FY23.
The scrip fell 1.52% to currently trade at Rs 401.65 on the BSE.