Heavy engineering PSU Andrew Yule & Co would invest Rs 250 crore in setting up two transformer manufacturing units in West Bengal and Tamil Nadu.
"The company will invest Rs 100 crore for a transformer manufacturing unit in Thakurpukur near Kolkata and another Rs 150 crore in Chennai," CMD of Andrew Yule, Kallol Datta, said.
The company has tied up with a Russian firm for the Chennai plant which would produce high-grade transformers.
Andrew Yule is also eyeing a revenue of Rs 350 crore during the current financial year, a growth of 20 per cent over the previous fiscal, Datta said today after the company's AGM.
Datta said the electrical division of the company is growing at 30 per cent, while growth of the engineering unit is flat.
Regarding the tea division, Datta said the unit is growing between 15 per cent to 20 per cent owing to a better price realisation.
Meanwhile, the Board for Industrial and Financial Reconstruction has approved the increase in the authorised share capital to Rs 110 crore from Rs 75 crore to give effect to the conversion of the government's loan into equity.
