Emami gets Odisha govt nod for capacity expansion
Kolkata-based Emami Paper Mills has received in principle approval from Odisha Government for increasing capacity of multi-layer coated board manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650-crore.
05 Jul 2017 | By Rushikesh Aravkar
Emami gets Odisha govt nod for capacity expansion
In a letter to Bombay Stock Exchange (BSE), G Saraf, vice president (finance) and secretary, Emami Paper Mills, said, “Buoyed by the performance of its first packaging unit at Balasore, touching almost 1,80,000 tonnes per annum (TPA) mark, Emami Paper Mills is now planning to put in place a similar plant of multi-layer coated board. This will result in doubling its present capacity and significant market share.”
The expansion plan is subject to necessary approvals from the board of directors and other concerned.
Following the announcement made after market hours on 3 July 2017, the share price of Emami Paper Mills soared about 10.4 percent and hit an intraday high of Rs 134.00 in early trade on 4 July 2017.
Part of Kolkata-based Emami group, Emami Paper Mills, a major newsprint manufacturer, forayed into packaging board business in 2015. It has paper mills located in Balasore (Orissa) and Kolkata (West Bengal).
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