Astec Lifesciences Ltd has acquired land in MIDC Mahad area admeasuring 40,000 sq. metres (10 acres) with a view to set up additional manufacturing facilities on the new site.
Shares of Astec Lifesciences gained 1.31 per cent or Rs 1.05 on the Bombay Stock Exchange to trade at Rs 81.50 during the morning session on Monday.
According to a company announcement, the site is located few kilometers from the company's existing facilities at Mahad.
Proximity to the company's existing site will make it convenient to manage with its existing infrastructure and to optimize cost efficiency, adds the stock exchange announcement.
The proposed expansion at the new site will be over and above the expansion at the company's existing sites.
