Vesuvius to infuse Rs57 crore in incorporation of wholly-owned subsidiary; stock gains ~1%

9 Sep 2022 , 09:24 AM

Vesuvius India Limited informed that the Board of Directors of the Company at its meeting held on September 8, 2022, has approved the incorporation of a new wholly owned subsidiary.

This will be a Private Limited company, which is to be funded through internal accruals of Vesuvius.

The investment would be around Rs57 crore for the establishment of a new manufacturing plant in Vizag.

Vesuvius manufactures specialised ceramics used in the continuous casting process of steel production. Shrouds, monoblock stoppers, submerged nozzles, and tundish nozzles are among the items produced by the company.

At around 9.27 AM, Vesuvius India was trading at Rs1,476.60 per piece, up by 0.65% from its previous closing of Rs1,467 on the BSE. The scrip opened at Rs1,476.60 and touched intraday high and low of Rs1,476.60 and Rs1,476.60 respectively. 

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