Automotive Stampings & Assemblies will be setting up a unit at Pantnagar, District Udham Singh Nagar, Uttaranchal for manufacture of sheet metal components with an investment outlay of Rs 16 crore.

The board has approved the pre-payment of the sales tax deferral loan availed by the Chakan unit of the company in terms of the scheme framed by the Government of Maharashtra. The pre-payment will result into a pre-tax gain of Rs 10.1 crore.