The board of the century-old BSE-listed company approved the proposed diversification-cum-expansion plan at its meeting on May 30.
The proposed business will cover trading, manufacturing, processing, import, export, distribution and allied activities in the metals segment, according to a KICL filing with the stock exchange.
“The investment outlay for the proposed venture will be determined based on business requirements,” it said.
KICL is present across multiple verticals, including construction and infrastructure, footwear and retail, agro-fertilisers, drones and geospatial services, FMCG and hospitality, logistics, facility management, and waste-to-energy management.
KICL under the leadership of Executive Chairman and Managing Director Rafiq Ahmed has gone on a mission mode and is keen to emerge as significant name in the industrial landscape of Tamil Nadu, in particular, and the country, in general.
KICL recently signed pact with the UAE-based waste management company, Bee’ah Environment, for waste management and waste-to-energy projects across Tamil Nadu.
The company has also teamed up with deep-tech star-tup Tvasta to explore opportunities in construction 3D printing technology in Australia, India and GCC countries.