Murugappa Group to invest Rs.2000 crore - Feedback

New chairman of the Rs 300 billion Murugappa Group, M.M.Murugappan who took over the reins from A Vellayan in February, said the conglomerate would invest Rs.2000 crore in capital expenditure over the next 2 fiscals.

Capex, group CFO Sridharan Rangarajan said would be allocated towards a gas-based power plant in silicon carbide maker Volzhsky Abrasive Works (VAW), a Carborundum Universal (Cumi) subsidiary. The capacity of the gas fired power plant in Russia however has not been finalised,. The funds would also go towards increasing the group company Coromandel’s phosphoric acid production efforts, with a new plant in its Vizag unit of 450 tonnes per day capacity at an outlay of Rs 250 crore.

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