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Butterfly Gandhimathi Appliances Ltd has bagged a Rs 460.50-crore Tamil Nadu Government order to manufacture and supply 21 lakh table-top wet grinders and three lakh mixer grinders during the current financial year, said V. M. Seshadri, Managing Director of the company.
Last year, it bagged and executed a Rs 280-crore worth order from the State Government.
In May 2012, Reliance Alternative Investments Fund invested Rs 100 crore in the company for a 13.7 per cent stake. According to Seshadri, while 30 per cent of the funds was utilised to clear old debts, another 30 per cent is being used to meet working capital requirements, and the remaining 40 per cent has been marked for capital expenditure. The company is in the process of expanding capacity to increase production by 25 per cent.
It has an in-house R&D and a 30-acre facility in Chennai to manufacture a range of kitchen appliances from pressure cookers to table-top wet grinders. For the year 2011-12, it posted a turnover of Rs 653 crore.
> ravikumar.ramanujam@thehindu.co.in
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