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Visaka Industries Ltd has firmed up plans to take up a Rs 100-crore expansion project, which will entail setting up of a new manufacturing unit for V-Boards at Jhajjar district in Haryana.
The company's board of directors, which met here today, approved the proposal to set up a new facility which will enhance the capacity by 50,000 MT. The project expected to be completed within nine months will be taken up through internal accruals.
The company has a capacity of 1,20,000 mt and its current utilisation is 1,00,000 mt, which has necessitated the proposed expansion project, the company informed BSE in a regulatory filing after the board meeting.
Visakha Industries has posted a net profit of Rs 22.95 crore for the first quarter ended June 30, 2017 against a net profit of Rs 16.67 crore in the corresponding quarter last year.
During the first quarter, the company's income remained flat at Rs 342.30 crore against Rs 342.88 crore in the corresponding period last year.
Visaka Industries is into manufacture and sale of building products and synthetic blended yarn.
The company shares were trading at Rs 436, up 1 per cent on the BSE.
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