In a Board Meeting of the company held on February 3, the Directors approved the expansion. Situated at Perundurai, Tamil Nadu the plant's expansion will increase the capacity of Asbestos Flat Sheet and Non-Asbestos Flat Sheets manufacturing 72,000 MT per annum.
According to the company's regulatory filing, the expected cost of the expansion is Rs80cr which would be funded by debt and internal accruals.
Commencement of commercial production is expected to start in Q4 of 2021-22.
The company has also approved the appointment of CS Suvir Govind Saraf, a practicing Company Secretary as the Secretarial Auditor of the company for FY21.
The company's stock was trading lower by 5.86% at Rs331 apiece on the BSE at around 1PM.