SRF Limited said its board has agreed to set up a new facility that would incorporate SRF Altech Limited, a wholly owned subsidiary of the company. The upcoming facility, at an estimated cost of ₹425 crore, will manufacture aluminium foil.

SRF Limited, an India-based multi-business chemicals conglomerate, also said that the cost of the project is likely to increase to ₹530 crore due to changes in machine configuration to enhance output, product portfolio, and quality, along with increase in civil and preoperative expenses. The overall feasibility is expected to remain unchanged

Also read: Aluminium likely to rule firm in 2023 on supply woes, rising demand

SRF Limited is focused on manufacturing industrial and special intermediates. The company also covers fluorochemicals, speciality chemicals, packaging films, technical textiles, and coated and laminated fabrics. SRF established its first plant in Manali, near Chennai.

SRF Limited shares opened in NSE at ₹2,559 up from its last close at ₹2,546.15.