Ultramarine -; Pigments board approves expansion of existing project; Stock gains 1%

25 Mar 2022 , 09:17 AM

Ultramarine & Pigments Ltd has informed that the Board of Directors at its meeting held on Thursday has approved the expansion of existing Project under implementation through the wholly owned subsidiary at APIIC Industrial Park – Naidupet, Nellore district, Andhra Pradesh.

As per regulatory filing, the existing capacity of the subsidiary is 1500 MT which is under implementation while proposed capacity expansion is expected to be 1720 MT. Further, investment required for the project is approx Rs8585 lakh and mode of financing will be mix of equity, preference shares and debt.

At around 9:17 AM, Ultramarine & Pigments was trading at Rs322.05 per share higher by 1.05% on Sensex.