Southern Ispat plans Rs 18 cr capex

Southern Ispat's board has approved its expansion and modernisation plan for an investment of Rs 18 crore.

In a release to BSE, the company said that it plans to add one induction furnace of 30,000 metric tonne (mt) per annum, and rolling mill to roll 60,000 mt per annum.

Further the board also approved 1:1 rights issue to the existing share holders.