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Surana Solar Ltd has firmed up plans to enter into a new line of business for the manufacturing of LED bulbs and LED tubes of an initial capacity of 10,00,000 units.
At the board meeting held today, the management approved an equity of 62.50 per cent with an initial outlay of Rs 5 crore. The company stated that the LED business is expected to achieve a turnover of Rs 40 crore in the second year of operation.
Narender Surana, Managing Director of Surana Solar, told BusinessLine , “The unit to be taken up with Fortune Art would be ready by September. There is growing importance for LED bulbs in the country and these products go well with solar power projects.”
The company had posted a net profit of Rs 2.08 crore for the third quarter ended December 31, 2014 against Rs 2.18 crore in the corresponding quarter last year.
Turnover was up at Rs 38.48 crore during the third quarter against Rs 32.91 crore in the corresponding period last year.
The company's equity shares of Rs 10 each were sub-divided into two equity shares of Rs 5 each with effect from November 26, 2014.
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