Vipul Organics Ltd has received environmental clearance for a proposed expansion at its existing Ambernath facility.
The company has received approval from the Ministry of Environment, Forest and Climate Change (Issued by the State Environment Impact Assessment Authority (SEIAA), Maharashtra. The clearance will help the company increase its total production capacity from the existing 10 MT/M to 508 MT/M.
In the first phase, the company intends to expand its capacity to 250 MT/M. The cost of this expansion will be through a mix of internal accruals and external borrowings.
The company has already raised ₹5 crore from the promoters through the issue of warrants.
“With the expansion, the facility will become the single largest pigment producer in the country”, said, Vipul P Shah, Managing Director, Vipul Organics Limited.
Vipul Organics stock rocketed 16.90 per cent on the BSE to trade at ₹219.65 as if 2.07 pm on Tuesday.