Engineering products manufacturer Good Luck Steel Tubes today said the company's Board has approved expansion plans for its structural steel business.
"The Board of Directors, in its meeting, approved the proposed expansion plan of its structure division to make a foot mark and tap the potential in focus sectors like railway, defence and power," Good Luck Steel Tubes said in a statement.
The company expects the expansion will contribute Rs 100 crore to the topline and significantly to the bottomline.
Also Read
The finances for the proposed expansion will be met through debt and promoters' contribution, it said.
As part of its expansion, the company is hopeful of commissioning a new facility by March next year.
The management is expecting financial closure by the end of next month, it added.
Recently, the company had bagged orders from Indian Railways for manufacturing of specific locomotive components.
Good Luck Steel Tubes shares were trading 5.06 per cent up at Rs 79.70 per scrip during pre-close session on the BSE.
