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| Exchange Received Time 30/04/2018 15:28:58 Exchange Disseminated Time 30/04/2018 15:29:02 Time Taken 00:00:04 | The Board of Directors of the Company at its meeting held today, i.e., 30th April, 2018 have inter-alia considered and:
1. approved to setup a new greenfield Ferro Alloy manufacturing unit in West Bengal with an estimated installed capacity of 1,20,000 MT per annum of ferro alloys.
The existing installed capacity of the Company is 235600 MT per annum of ferro alloys and existing capacity utilization is around 95%. It is proposed to set up the unit within a period of 30 months with an estimated cost of Rs. 275 Crores to be financed from internal accruals of the Company. The rational of setting up of new Greenfield unit is expansion.
2. authorised the Executive Directors and Chief Financial Officer of the Company to submit Resolution Plan under Corporate Insolvency Resolution Process for acquiring manufacturing company(ies) under the provisions of The Insolvency and Bankruptcy Code, 2016 and/or by participating in liquidation proceedings.
The Board Meeting commenced at 12:00 Noon and concluded at 2:40 P.M.
The information has been provided under Regulation 30 of Listing Regulations read with Schedule III of the said Listing Regulations and SEBI circular no. CIR/CFD/CMD/4/2015 dated 9th September, 2015.
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