Havells to set-up new manufacturing facility in Andhra Pradesh; Stock soars 1%

7 Jul 2022 , 10:00 AM

Havells India Limited had earlier informed that the Company was planning to set-up a new facility to manufacture Air conditioners at Sri City, Chittoor District in the state of Andhra Pradesh.

Further, Havells informed now that the project has been initiated, however certain changes have been made in the timelines and other parameters assimilating to the post Covid business environment. The revised details are furnished hereunder:

• Existing Capacity – 9 lakh Units per annum at Ghiloth, Rajasthan
• Existing capacity utilization – 90%
• Proposed capacity addition – 11 .20 lakh units per annum at Sri City, Chittoor, Andhra Pradesh
• Period within which the proposed capacity is to be added – Within next 9 months
• Investment Required – Rs400 crore (estimated)
• Mode of financing – Internal accrual/ Term Loan
• Rationale – Business expansion

At around 10:01 AM, Havells India was trading at Rs1,210.45 per share up by Rs13.4 or 1.12% from its previous closing of Rs1,197.05 per share on the BSE.