Kolkota-based Maithan Alloys today said its board has approved its proposal to invest in its subsidiary company for setting up ferro alloys manufacturing unit in Andhra Pradesh with a project cost of Rs 275 crore.
The board has also approved the divestment of company's shareholding in Purbanchal Cement and decided to form another subsidiary to take up mining and mineral business.
The company's stock was trading at Rs 289.40, nearly 2.19 per cent higher than Tuesday's close.