Financial Daily from THE HINDU group of publications
Saturday, Oct 30, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 30, 2004 |
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Corporate
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New Projects SRF plans Rs 285-crore expansion in four years Our Bureau
New Delhi , Oct. 29 SRF Ltd, a leading player in the tyre cord fabric and belting fabrics business, plans to invest Rs 285 crore in the next four years for modernisation and expansion. The company would invest Rs 265 crore for the expansion of its industrial synthetics business, of which Rs 24.24 crore would be invested in Dubai, a company release said. The expansion includes a new polymerisation and spinning facility at its Manali plant. It will also include de-bottlenecking of dipping capacity and setting up a pilot plant for experimentation in the area of industrial yarn. The company also plans Rs 7.95-crore investment in a group captive power plant at its industrial synthetics facility at Gwalior and would spend Rs 12.5 crore on its polyester films business plant in Indore. For the second quarter this fiscal, the company has reported a 13.11 per cent dip in net profits to Rs 10.0 crore, as against Rs 12.2 crore during the corresponding period last fiscal. Cash profit from operating activities also dipped to Rs 26.8 crore, as compared to Rs 29.8 crore during the period. The company, however, reported a 23 per cent jump in net revenues at Rs 250 crore during the period.
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