Auto component maker Omax Autos today said its board has approved to double manufacturing capacity of products and equipment supplied to railways over the next 2-3 years.
The company's board has approved a proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to railways, Omax Autos said in a regulatory filing.
The company currently has a manufacturing capacity to convert around 4,800 tonnes per annum of steel into various parts and equipment required by the railways.
Omax Autos said the capacity expansion exercise would require an investment in the range of Rs 100 crore to Rs 120 crore. It listed various tools including realisation from disposal of existing surplus assets, internal accruals and external borrowings to fund the proposed investment.
Shares of the company today ended 4.75 per cent up at Rs 146.60 on the BSE.
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