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Finolex Industries Ltd plans to foray into water management business and will make as well as market a range of products for the purpose in the next 18 months.
The Pune-based manufacturer of PVC pipes & fittings and PVC resins has also unveiled a new brand identity with the tagline 'Tarakki Zindagibhar'.
Elaborating on the company’s plans, Prakash Chhabria, Executive Director, said that the water management business will operate under a new division and hiring for it has already begun.
The company will tap into its existing dealer network to market the new products, he added.
“At the end of the next five years, we plan to double our turnover and touch a revenue of Rs 6,000 crore. I expect the new business to contribute Rs 1,000 to 1,500 crore to this,” Chhabria said.
As part of this plan, the company is enhancing the capacity of the PVC pipes and fittings plants at Pune, Ratnagiri and Masar near Vadodara by around 40 per cent to 3.2 lakh tonnes. This will involve additional capital expenditure of Rs 90 crore spread over three years.
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