Lanco Industries to invest Rs 325 cr for expanding product range

Lanco Industries Limited (LIL), a Lanco group company engaged in production of pipes, pig iron and cement, will invest about Rs 325 crore to manufacture smaller dia ductile iron pipes (SDP), thus expanding its existing range of products.
 
The company, located at Srikalahasti in Andhra Pradesh, stated in a press release that it would produce 100,000 tonnes of SDP a year. According G S Rathi, Director, Lanco Industries Limited, the company’s board has also approved changing its name to Srikalahasti Pipes Limited after due approvals.
 
It reported a 267% rise in net profit at Rs 12.84 crore for the first quarter of the current financial year compared with Rs 3.5 crore accrued in the same quarter previous year. The increase profit has been attributed to enhanced sales of its flagship product, ductile iron pipes.