Everest Industries Ltd
Setting Up Of New Manufacturing Facility Of Boards And Panels At Chamarajanagar Karnataka
02:13 PM, 8th Feb 2023
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulations) we wish to inform that the Board of Directors of the Company at their meeting held on February 7 2023 has approved CAPEX of Rs. 187 Crores to set up a new Boards and Panels plant through a wholly owned subsidiary or by the Company at KIADB Industrial Area at Chamarajanagar District Karnataka (instead of Immavu Industrial Area Mysuru District Karnataka) subject to the receipt of requisite approvals.The said CAPEX would enhance the existing capacity of 210000 MTPA to 301000 MTPA for Boards and Panels. It is expected that said CAPEX would be operational by June 30 2024.The CAPEX would be funded by a mix of internal accruals and debt.