Pokarna Engineered Stone invests Rs 325 crore in greenfield facility
Pokarna announced that its subsidiary - Pokarna Engineered Stone plans to expand quartz surfaces production capacity by 130% with investment of Rs 325 crore in a greenfield facility. This investment is expected to be completed by June 2018 and PESL would finance this project through a combination of free cash flow/ internal accruals (Rs 75 crore) and loan facilities (Rs 250 crore); PESL is in receipt of financial sanction from its lead banker for the term loan of Rs 250 crore, for funding the project.Board of Directors of Pokarna have approved extending corporate guarantee for the loan facilities extended to PESL.
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