Held on 24 October 2015
Indo Count Industries announced that the Board of Directors of the Company at its meeting held on 24 October 2015, inter alia, has approved the following matters:1. Considered and declared 1st Interim Dividend of Rs. 1/- per Equity Share calculated at 10% of the par value of Rs. 10/- each for the financial year 2015-16.
2. The Board has approved Expansion of Phase 1 wherein the Capacity will be expanded from 68 million meters to 90 million meters. The total Capital Expenditure will be Rs. 175 crore. The Phase 1 will be completed within 12 -15 months and the same will be funded through internal accruals and debt.
3. The Board has also given accent to Explore the Expansion of Phase 2 and the estimated project cost would be in the region of Rs. 300 crore.
4. Entry in Domestic Business : The Board has approved venturing in Domestic Business to create Home Textile Brands. The Total Capital expenditure over next 2 years is expected to be Rs. 25 crore. The entry in domestic business will be done through a separate subsidiary of Indo Count.
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