Premier Explosives Ltd has received a proposal for land allotment in Andhra Pradesh for setting up a solid propellant manufacturing unit.
Following an application made to Andhra Pradesh seeking land allocation for a new unit, the AP Indutstrial Infrastructure Corporation (APIIC) had in a letter informed it was provisionally willing to offer 202 acres of land at Routhsurmala village in Chittoor district, the company informed BSE.
Following the development, the company has accepted the offer and initiated necessary steps for firm allotment of land and setting up of the manufacturing unit for solid propellant.
The company shares were trading at Rs 374.75, up 3 per cent during the day at BSE.