- 21 Oct 2022
- ICICIdirect Research
Vesuvius India board approves proposal for additional capex of Rs 36 croreVESUVIUS - 1602 Change: -18.25 (-1.13 %)
Vesuvius India’s board has approved a proposal for the additional capex of ~Rs 36 crores (to be funded through internal accruals) for setting up a manufacturing plant at Vizag under the proposed wholly owned subsidiary which is being incorporated pursuant to the approval of the Board accorded on September 8, 2022. Vesuvius’s Board has approved ~Rs 57 crores (through internal accruals) on 8th Sept 2022. The total investment will involve of ~Rs 93 crores for a new manufacturing facility at Vizag.
VIL is going aggressively for future expansion in Vizag’s new manufacturing facility to meet rising demand for refractories. Being close to the Vizag port, VIL will be in a better position and can target higher share of the exports markets. Vesuvius is well placed to capture domestic market share through focus on localised manufacturing and new product launches driving faster growth.