Dynamatic Technologies Ltd said it signed a memorandum of understanding (MoU) with the government of Karnataka for the setting up a manufacturing facility for the aerospace industry at the Aerospace Park near the International Airport in Bangalore. No financial details were provided.
According to the MoU, Dynamatic will set up the aerospace facility for which the investment will be spread over six years, while the government, on its part, will endeavour to obtain fast-track clearances and approvals as well as provide the infrastructure such as land, water, power, necessary for the commencement of commercial production.
On Thursday, Dynamatic shares ended 10% up at Rs1,019 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.7% up at 17,022 points.
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