Murugappa Group to invest Rs 20 billion in next two years

The Rs 328-billion Murugappa Group is stepping up investment for the next two years to expand capacities in its agriculture-related and engineering businesses, with an investment of around Rs 20 bn. The Group was seeing signs of recovery, especially in the sectors it operates, said M M Murugappan (pictured), chairman of Murugappa Group, addressing the media for the first time after taking over as chairman.

The plan includes a Rs 3.50-billion investment into expansion of its phosphoric acid facility in Visakhapatnam, which would add capacity of around 450 tonnes a day; it would continue to purchase the product as well. In