Nitco earmarks Rs 1.5 bn for expansion
Nitco earmarks Rs 1.5 bn for expansion Tile maker Nitco Tiles (Q, N,C,F)* is planning to invest Rs 1.5 billion in capacity expansion in the next two years due to the surging demand for construction material in the country, reports Business Standard. The company will expand its capacities at Alibaug, Maharashtra, to double its production from 13,500 sq mt a day to 24,000 sq mt. >Also the Gujarat unit`s capacity will be increased from 8,000 sq mt a day to 40,000 sq mt a day in the next two years. The company is planning to increase its imports of vitrified tiles from China and has formed a joint venture with Fushan Lungo of China for manufacturing vitrified tiles.
It has an investment outlay is of Rs 800 million to install additional plant and machinery for the expansion.
In the realty sector, Nitco Realties has been formed as a 100% subsidiary of Nitco Tiles and is following the special vehicles model to develop projects.
Shares of the company declined Rs 2.70, or 1.17%, to end at Rs 229.05. The total volume of shares traded was 2,313 at the BSE. (Monday).
