Financial Daily from THE HINDU group of publications
Friday, Dec 30, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 30, 2005 |
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Corporate
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New Projects Jain Irrigation to spend Rs 225 cr on capacity expansion Our Bureau
Mumbai , Dec. 29 JAIN Irrigation Systems Ltd said it has a capital expenditure and investment plan of Rs 225 crore. This money would be deployed in expanding its capacity in plasticulture and food business. In plasticulture, the company plans to increase capacity by 69,000 tonnes to 2,04,000 tonnes. In food business it plans to increase capacity by 41,550 tonnes to 71,200 tonnes. "This expansion will be implemented over the next 12 months and most of the new capacities will be in place by September 2006 before the busy season of FY 2006-07," the company said. The board has authorised the managing director to explore and finalise various options of raising funds including loans, bonds, convertible bonds or otherwise. The board has also recommended to shareholders an increase in FII limits from the current 49 per cent to 60 per cent of the equity share capital. An EGM has been convened on January 31, 2006 to seek shareholders approval.
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