Maral Overseas board approves expansion projects in MP and UP; Stock gains

4 Feb 2022 , 12:35 PM

The Board of Directors of Maral Overseas Ltd at its meeting held on Thursday, February 03, 2022, has approved the expansion of business.

According to the filing, the Board approved the proposal for setting up a spinning unit of 18864 spindles for producing yarn at its existing Sarovar Plant (M.P.) with estimated outlay of Rs122.94cr. This unit is expected to commence production in F.Y. 2023-2024.

Further, the board approved the proposal for setting up of new unit for the Garment business of Company at Noida (U.P.) with estimated outlay of Rs14.93cr. This unit is expected to commence production in second quarter of the F.Y. 2022-2023.

At around 12:36 PM, Maral Overseas was trading at Rs124.95 per share up by Rs0.65 or 0.52% on the BSE.