Aries Agro to add four manufacturing units

Mumbai, Dec 10 (UNI) Aries Agro Ltd (AAL), micronutrient makers for plant and animals, today said it has plans to add four more manufacturing units in India, which would be funded from its initial public offering opening this week.

The issue, comprising 45 lakh shares with face value of Rs 10 each, will open for subscription from December 14 to December 19, under fixed price band of Rs 120-130 per share. The isssue will represent 34.61 per cent of the company's fully diluted post issue capital and Srei Capital Markets will manage the issue, the company here today said.

As part of its expansion plan, the company plans to set up new manufacturing units at Ahmedabad, Lucknow, Medak (MP) and an additional plant in Maharashtra, AAL joint managing director Jimmy Mirchandani said adding, ''We are also planning to move into seeds and farming equipment.'' AAL will add a capacity of 79,200 tonnes per annum (TPA) to its existing manufacturing capacity of 21,600 TPA, Mr Mirchandani said.

Besides, it plans to increase its investment in MAPCO Fertiliser Industries Free Trade Zone Company in UAE to Rs 2.46 crore from Rs 1.5 crore presently. It has a 25 per cent stake in MAPCO. The company has a proposed expansion plan of Rs 47.54 crore.

UNI