The investment will be entirely funded from the company’s internal funds.
“Over the (last 37) years, the company has enhanced its product portfolio and has grown to a capacity of 55,000 Tonnes per annum. Looking at the continuing growth trajectory in the industry, the company has planned to double its production capacity to 1,10,000 tonnes per annum by September, 2019 in phases at its existing plant in Kashipur, Uttarakhand,” it added.
The Company will also be increasing its product range in plastics and adding new geographical territories to its distribution network, it added.
Besides PVC Pipes and fittings, it also manufactures ferro alloys, MS TMT/MS Coil and allied products and HB Wire Rod.
Shares of the company were up 6% today.
Yesterday, it was revealed that high-profile investor Rakesh Jhunjhunwala increased stake in in the company to 1.64% at the end of the September quarter from 1.01% at the end of the June quarter.