Sarda Energy & Minerals Ltd on Tuesday said its wholly-owned subsidiary will invest Rs 135 crore to add one more furnace at its existing facility located near Visakhapatnam in Andhra Pradesh. In a regulatory filing the company said the board of directors of its wholly-owned subsidiary Sarda Metals & Alloys Ltd has approved the expansion project of Ferro Alloys.
The expansion project of Ferro Alloys entails adding one more furnace of 36 MVA (with capacity addition of 50,000 MT pa) at its existing facility located at Vizianagaram, near Visakhapatnam, with an estimated capex of Rs 135 crore, the filing added.
The project is expected to be operational before the end of FY 2022-23, the company said.
Shares of Sarda Energy & Minerals Ltd were trading 1.55 per cent lower at Rs 575.95 apiece on BSE.
