Manjushree embarks upon Rs 54 crore expansion

Bangalore, May 9 (UNI) Manjushree Extrusions, one of the largest polymer based products producer, has embarked on a Rs 54 crore expansion cum diversification project here to increase the overall plant capacity to 14,240 MTPA.

Outlining the company's expansion plans, Managing Director, Vimal Kedia said in a press release that the project involved investment in factory buildings and infrastructural facilities. The diversification intended to cater primarily to the US and Europe export markets besides the vast domestic market for bottled beverage packers. The project implementation was already underway, he said.

The project cost was to be funded partly by loan of Rs.18 crore and balance would be through Rights cum Follow-on IPO.

Manjushree registered a 22 per cent increase in its turnover and operating income of Rs 80 crore during 2006 compared to the previous financial year revenues of Rs 65 crore.

Net profit after tax saw a 106 per cent increase to Rs 2.83 crore during the financial year ending March 31 as against Rs 1.37 crore during the previous financial year, the press release said.

UNI