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Ankit Metal & Power board nods for capacity expansion of pellet plant to 12,00,000 MT

Proposed capacity addition is 6,00,000 MT per annum and the investment required is Rs125cr.

November 15, 2021 12:38 IST | India Infoline News Service
Stock Market Trader, Stock Trader, Trading
Ankit Metal & Power Ltd has informed that the Board of Directors on November 13, 2021 has approved further capacity expansion of its Pellet Plant from 6,00,000 MT per annum to 12,00,000 MT per annum.

Existing Capacity of the plant is 6,00,000 MT per annum where capacity utilization is 70% as on September 2021 and may vary subject to the availability of raw material.

Proposed capacity addition is 6,00,000 MT per annum and the investment required is Rs125cr.

As per regulatory filing, the mode of financing is Mix of additional borrowings and cash flows from the Business as and when generated.

For further expansion of Business, the Company management proposed to incur a CAPEX for a new pellet plant to cater to the ever growing demand of iron ore Pellets in the domestic and international markets created by favorable polices announced for the Steel Sector by Government of India, said company in a filing.

At around 12:39 PM, Ankit Metal & Power was trading at Rs7.03 apiece down by Rs0.12 or 1.68% on the BSE.

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