Visaka Industries Limited has firmed up plans to take up a Rs 100 crore expansion project, which will entail setting up of a new manufacturing unit for V-Boards in Jhajjar district in Haryana.
The company's board of directors, which met here today, approved the move to set up a new facility which will enhance the capacity by 50,000 MTs. The project, expected to be completed within nine months, will be taken up through internal accruals.
The company has a capacity of 1,20,000 MTs and its current utilisation is 1,00,000 MTs, which has necessitated the proposed expansion project, the company informed BSE in a regulatory filing after the board meeting held today.
The company posted a profit of Rs 22.95 crore for the first quarter ended June 30, 2017 as against a profit of Rs 16.67 crore.
During the first quarter, the company income remained flat at Rs 342.30 crore as against Rs 342.88 crore for the corresponding period last year.
Visaka Industries is into manufacture and sale of building products and synthetic blended yarn.
The company shares were trading at Rs 436, up 1 per cent at BSE during the day.