Bambino Agro Industries to set up new pasta plant in Gohana, Sonipat, Haryana; Stock jumps 5%

The capex will be financed through financing from Banks, funding by Promoters and internal accruals.

Sep 16, 2021 12:09 IST India Infoline News Service

Bull-stock
Bambino Agro industries has informed that the Board of Directors on September 15, 2021 has reviewed and decided to discontinue the two smaller lines of production i.e., 600 kg/hr plants at Gurgaon as the plants have been giving quality issues due to aging.

Further, the non utilization of these plants will not have any impact on volumes / production of the Company because third party manufacturing / conversion contracts are in place to cater to the demand, said company in a regulatory filing.

In addition, Management proposes to acquire a pasta plant, from Italy with a capacity of 2000 kg/hr for setting-up a manufacturing facility with a total capex around Rs24cr at Gohana, Sonipat, Haryana.

The existing capacity is 2000 Kg/hr at the pasta plant in Gurgaon whose capacity utilization is at 95%.

The expansion project currently underway is 3000 kg/hr pasta plant at Sonipet, Haryana. Presently commercial production has not commenced and is expected to commence around November 2021.

The 2000 kg/hr pasta plant at Sonipat, Haryana is also expected to commence around April 2022.

The capex will be financed through financing from Banks, funding by Promoters and internal accruals.

At around 12:18 PM, Bambino Agro was trading higher by 5% at Rs316.40 per piece on Sensex.

Related Story

Open Free Demat Account (Rs699)