Financial Daily from THE HINDU group of publications
Thursday, Mar 25, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 25, 2004 |
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Corporate
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New Projects Welspun Gujarat to invest Rs 200 cr in new capacity Our Bureau
Mumbai , March 24 WELSPUN Gujarat Stahl Rohren plans to invest Rs 200 crore in setting up a new manufacturing unit in Gujarat. The saw pipes manufacturer plans to add capacities of around 5,00,000 tonnes by the end of this calendar year. "We plan to set up the new plant in Anjar at Kutch, Gujarat. The additional capacity will mean the company could produce pipes of up to 100 inches diameter," Mr Braja Mishra, CEO, WGSR Ltd told Business Line. WGSR has the capacity to produce pipes ranging from 16-60 inches in diameter and 6-65 mm in thickness. The company plans to invest Rs 200 crore in setting up the capacities. Of this, Rs 130 crore would be raised through term loans and the rest through internal accruals. The planned capacity at Kutch would include setting up an LSAW pipe plant, high frequency industrial welding pipes plant and a spiral pipes manufacturing plant, Mr Mishra said. The Union Government and State Government have both declared 16 per cent excise and 4 per cent sales tax exemptions for projects set up in Kutch before December. Also, the location would be close to the Kandla and Mundhra ports, he said. Welspun Gujarat, an Indo-German joint venture, is currently executing an order worth Rs 250 crore. It had won two orders from Iran and one from a US gas pipeline company, last year. It has also executed the Dahej-Vijaipur pipeline projects for Gail India.
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