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| Exchange Received Time 31/10/2018 20:52:44 Exchange Disseminated Time 31/10/2018 20:52:49 Time Taken 00:00:05 | With reference to the above, we wish to inform that as a part of cost reduction initiative and optimization of capacity utilization in the markets where the Company holds strong foothold, the Board at its meeting held on 31st October, 2018 has decided to shift the manufacturing facility of the Company situated at Survey no.296/7/8/9, IDA at Bollaram Jinnaram Mandal, Medak District, Telangana - 502325 to NH6, Madhabpur, Post: Uluberia, Howrah - 711303, West Bengal by transfer of plant and machinery and other accessories probably within 31st December, 2018.
The said plant belongs to the polymer division of the Company and is based on asset light model wherein the land and building has been taken on lease and the plant and machineries belong to the Company.
The above shifting will reduce the fixed cost without reduction in overall capacities of the division which stands at 51,000 MTPA. The Company will continue to serve the southern market through dealers and distribution network supported by the sales & marketing team of the Company.
The unit contributed around 27.62 crores (1.35%) in the turnover and 15.06 crores (2.36%) in the net worth of the Company during the financial year ended 31st March, 2018.
Kindly take the above information on record.
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