Jigani is one of the prime industrial areas in Karnataka on the outskirts of Bangalore with close proximity to certain key customers of Suprajit.

"Suprajit Technology Center (STC) is in an advanced stage of negotiating with customers on certain 'Beyond Cables’ projects which are expected to be housed in this facility, once all infrastructure updates are done and these new contracts are won,” the company said in a statement.

While announcing its second quarter earnings, Suprajit had stated that 'Beyond Two Wheelers' and 'Beyond Cables' are gaining traction, with the company showcasing the same through 'Technology Road Shows' that are held at customer premises.

It had also said that it is actively pursuing infrastructural assets to house “Beyond Cables” projects.

With its ‘Beyond Two Wheelers’ project, the company intends to grow into cables space beyond two wheelers, that means basically manufacturing it for passenger car vehicles and CVs.

The aim of the 'Beyond Cables’ project is to foray into mechanisms and products which go beyond cables, but into two-wheeler predominantly.

Suprajit Engineering is engaged in the business of manufacturing of auto components consisting mainly of control cables, speedo cables, auto lamps and other components for automobiles and caters to both domestic and international markets.

The company’s consolidated net profit has declined 24.02% to Rs 34.76 crore on a 1% fall in revenue to Rs 708.87 crore in Q2 FY24 as compared with Q2 FY23.

The scrip rose 0.76% to currently trade at Rs 376 on the BSE.