SRF to set up aluminium foil manufacturing unit

SRF Limited, a multi-business chemicals conglomerate has said that its board has approved to set up the new manufacturing facility under SRF Altech Limited, a wholly owned subsidiary of the company. The facility will manufacture aluminium foil at an estimated cost of Rs 530 crore. Earlier the company had estimated the cost for the project to be Rs 425 crore.

It also said that the cost of the project will likely to increase to Rs 530 crore due to various reasons including changes in machine configuration to increase output, product portfolio and quality, along with increase in civil and preoperative expenses. 

The shares of SRF trading at Rs 2,598.00, 0.41% higher from previous close of Rs 2,587.40 on NSE at 9.52 AM.