Financial Daily from THE HINDU group of publications
Thursday, Jan 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Jan 20, 2005 |
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Corporate
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New Projects Nelcast in talks for private equity to fund expansion Our Bureau
Chennai , Jan. 19 NELCAST Ltd, a supplier of foundry products, has drawn up a Rs 25-crore programme to take its capacity from 48,000 tonnes a year to 72,000 tonnes. The company is in talks with a few private equity investors for part-funding the expansion project. The Rs 240-crore company has a paid-up equity of Rs 12 crore and networth of Rs 27 crore. It expects its exports to double to Rs 40 crore this year, Nelcast Ltd's Managing Director, Mr P.R.K. Reddy, told a press conference here today. The expansion includes a foray into making machined products. The company is spending Rs 5 crore on this diversification. The company has two plants at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu. The expansion is happening at the Ponneri plant.
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