Vesuvius India added 2.34% to Rs 3,554.95 after the firm inaugurated a new mould flux manufacturing plant in Visakhapatnam with an increase in investment outlay to upto Rs 1,000 crore to further strengthen its manufacturing capabilities in India.
The plant is designed to meet the increasing demand for flux, a vital component in the continuous casting process at steel plants.Over the last couple of years, Vesuvius India (VIL) has set up three new greenfield manufacturing plants which will create an additional capacity of 2,50,000 tons per annum. The flux manufacturing plant is first of the three new manufacturing plants expected to be operational in 2024, stated the company.
Patrick Andre, chief executive of London headquartered Vesuvius group stated Given our compelling growth in India and basis our investment pipeline, we envisage surpassing our earlier stated investment plans of Rs 500 crore to reach close to Rs 1,000 crore outlay over the next few years.
Our investment in manufacturing capabilities in India will not only further enhance our competitive position in the country but also contribute to the socio-economic development of the communities where we operate and the development of the Indian economy. said Biswadip Gupta, chairman of VIL.
Nitin Jain, managing director of VIL, said We have invested in state-of- the-art plant design with product consistency as the core. Further, kept sustainability in focus for energy efficiencies as well as waste management. On overall investment plans, we continue to make investments ahead of time to expand our capacity as well as product portfolio.
Vesuvius India is engaged in the business of manufacturing, trading and sale of a range of refractories. At present the company has four factories one each at Kolkata, Mehsana and two at Visakhapatnam and one manufacturing arrangement at Salem.
The companys consolidated net profit surged 106.5% to Rs 57.07 crore on 19.3% rise in net sales to Rs 413.15 crore in Q4 CY23 over Q4 CY22.
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