With an installed capacity of 20,000 tonnes per annum, it would be set up at the existing manufacturing facility located at Cuddalore, the company said in a stock exchange filing.
The proposed facility will be set up within the existing SIPCOT Industrial Estate complex at
Cuddalore. The facility will cater to both domestic and international markets.
The project would be funded through a combination of equity and debt, it said.
The project is expected to be commissioned by November 2026.The project forms part of the Company’s long term growth strategy to expand its downstream product portfolio. The project would also support India’s environmental commitments besides creating long-term value to the stakeholders, the company said.
The company’s board also approved an equity fund raising of Rs 500 crore in one or more tranches through Qualified Institutional Placement (QIP) or other modes and a stock split in the ratio of 1:2.
The board also approved change in designation of Afzal Harunbhai Malkani to the Managing Director of the Company for a term of five years from 9 January 2026 to 8 January 2031. Earlier he was Non-executive, Non-Independent director.
It also approved appointment of Sandhya Venugopal Sharma, IAS, as Chairperson and Additional Director of the company with effect from 9 January.
