Oct 11: Steel and PVC pipe manufacturer Prakash Industries Ltd (PIL) has plans to double its production capacity of PVC pipes and fittings to 1,10,000 tonnes per annum (TPA) by September 2019 in phases at its existing plant in Kashipur, Uttarakhand. The company’s current capacity stands at 55,000 tonnes per annum.
According to the company, the plant has sufficient infrastructure in place to contain the proposed expansion. The project will be completely financed through internal accruals, it said.
Further, the company will be increasing its product range in plastics and adding new geographical territories to its distribution network.
PIL had on Tuesday said that it is expanding its sponge iron capacity by 0.2 million TPA, which will take the capacity of its integrated steel plant in Chhattisgarh to 1.2 million TPA.
Prakash industries Ltd, part of Surya Roshni group, operates in various industries such as coal, sponge iron and iron ore mining, steel product manufacturing as well as power. Founded in 1980, the company’s products include wire rod, HB wire, TMT bars, billets and blooms, ferro alloys, rigid PVC pipes.
Shares of the company surged to touch a new one-month high of Rs 137.15 intraday Wednesday on BSE after the announcement came in. At 11.07 am, the Rs 10 face value shares were trading at Rs 134.80, up 4.01% from the previous closing of Rs 129.60.