RPT-Richa Ind to invest 1.25 bln rupees in Uttarakhand
Fri Sep 19, 2008 8:59am IST Email | Print | Share| Single Page[-] Text
- (Repeats story issued late on Thursday)
MUMBAI, Sept 18 (Reuters) - Richa Industries Ltd (RICH.BO: Quote, Profile, Research), a fabrics and textiles maker, plans to invest 1.25 billion rupees on a pre-engineered building (PEB) infrastructure project in Uttarakhand to make steel structures, a top official said.
The plant, which is expected to be operational by April, 2009 would have a capacity of 54,000 metric tonnes per annum (MTPA), chairman and managing director Sushil Gupta said on Thursday.
PEBs consist of a steel framed building with components pre-designed to fit together in a vast variety of combinations.
The technology requires about 30 percent less steel as compared to conventional steel structures, and also saves time in completion of the building, Gupta said.
The plant is expected to start yielding revenues from FY10. Gupta said he expected about 60 percent revenue from its infrastructure services division in FY10.
"But it can go up to even 70 percent depending on capacity utilisation," he said in a media briefing.
Richa Industries, which changed its name from Richa Knits to mark its foray into infrastructure, will supply the steel structures to both residential projects as well as commercial buildings such as malls and airports, he added.
As part of the funding, the company is planning to raise about 850 million rupees through a global depositary issue and plans to list the GDRs on the Luxembourg Stock Exchange, Gupta said