Sterling tools plans to invest Rs 40 crores to boost capacity by setting up a new plant at Haryana. The company also announced the issue of fully paid up bonus shares in the ratio of 1:1. The new plant will add 6,500 tonnes a year to the present capacity at 15,000 tonnes. The new plant will add Rs 6,500 tonnes a year to the present capacity at 15,000 tonnes. The Rs 40-crore expansion has been funded through debt and internal accruals, with the debt component at Rs 26 crores,official sources said. The new plant will be commisioned by the end of this year. The company expects exports to contribute 25% of total turnover in three years time,up from the current level of 3%. The company has already tied up with tier 1 auto manufacturers in Europe and the US for supplying fasteners. The Rs 126 crore company is mainly an original equipment supplier of the automotive industry.
Posted On : 10/14/2005 6:48:03 PM