Premier Ltd announced that the Indian Railways are in the process of compulsory acquisition of about 27 acres of land (Out of the existing 63 acres of land) for the Dedicated Freight Corridor project being implemented by it. The total amount expected to be received as compensation for such acquisition is about INR1 billion. In this connection, the Company has informed that, the Company has received the first tranche payment of INR 270 million towards payment against land acquired by it at Dombivali near Mumbai to expand the dedicated freight corridor (DFC).
It presently owns about 68 acres at Dombivali after monetisation of 150 acres in January, Premier said.
Out of the existing 68 acres, the IR is in the process of compulsory acquisition of about 26 acres for the corridor project being implemented by it. The total amount likely as compensation for the acquisition is about INR 100 crore.
Established in 1944, Premier Ltd. (Formerly know as The Premier Automobiles Ltd.) went on to become the pioneer of automobile manufacturing in India. Today, Premier Ltd. is on a constant growth curve, rapidly gaining stature in both its segments : Engineering and Automotive. The Engineering segment has two activities – CNC Machine Division and Engineering while the Automotive segment consists of Light Utility Vehicles and Sports Utility Vehicles. Originally based in Mumbai, Premier Ltd. relocated to its present, ultra-modern, ISO 9001 certified plant at Chinchwad, Pune. Spread over 27 acres, this plant now serves as the centralized research, development and manufacturing for all activities.
Engineerin: Sensing the trend of the future for energy generation, Premier’s engineering division has turned a sharp focus on alternative energy sources – specifically, the wind energy sector. Accordingly, it went on to develop and manufacture cutting-edge wind turbine components for companies such as Enercon. In fact, Premier’s engineering division provides end-to-end solutions for wind turbine component manufacturing. This includes fabrication, machining, blasting and painting of wind turbine steel parts like disc rotors, stator rings, stator carriers, rotor housings and supporting structures.
Machine Tool: Premier’s CNC Machine Division has consistently distinguished itself by setting new benchmarks for industry excellence. Today, the company’s focus on high-end technology has resulted in a sophisticated line of CNC Machine Division. Today, CNC Gear Cutting machines, Machining Centers, CNC Vertical Turning & Turn mill Centers and custom-built Special Purpose Machines bearing the trusted Premier label are regularly used by leading industries.
Automotive: Premier gave India the ubiquitous Premier Padmini. Today, Premier’s automotive division has reentered the passenger vehicle segment with the launch of India’s first compact SUV – the RiO. Other products in the newly launched range of commercial vehicles designed specifically for Indian roads are : Sigma – a compact, multi-utility van, and Roadstar – a highly versatile pickup truck.