Everest Industries Limited announced that the Board of Directors of the Company at their meeting held on February 20, 2023, has approved CAPEX of Rs. 125 Crores to set up a new manufacturing facility for ESBS through a wholly owned subsidiary or by the Company at Gudipalli, Andhra Pradesh, via an exchange filing.
It might also be set up in any other appropriate location in South India, subject to the receipt of requisite approvals.
The said CAPEX would enhance the existing capacity of 72,000 MTPA to 114,000 MTPA for ESBS Division.
It is expected that said CAPEX would be operational by March 31, 2024. The CAPEX would be funded by a mix of internal accruals and debt.
The disclosure is pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)