Lumax Industries board nods CAPEX of Rs80cr to set-up new manufacturing unit in Gujarat; Stock zooms 3%

The company expects peak annualized turnover to be approximately Rs150cr post-commissioning of the project.

Mar 30, 2021 02:03 IST India Infoline News Service

Lumax Industries
Lumax Industries board has approved CAPEX of Rs80cr for setting up the company's new manufacturing unit(s) in Sanand, Gujarat to cater to the orders received from MG Motors and Other customers.

Lumax in its regulatory filing highlighted that the total CAPEX will be funded by a mix of Debt and internal accruals and peak annualized turnover is expected to be approximately Rs150cr post-commissioning.

The project is expected to be operational by the third quarter of the financial year FY22.

Further, the company's board has approved setting up an office in the Czech Republic to strengthen the technological capabilities of the Company.

At around 2.22 pm, Lumax was trading at Rs1628.35 per piece up by Rs45.80 or 2.89% on Sensex. 

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