Murugappa Group to invest Rs1,300 crore for expansion this fiscal
05 May 2008
Mumbai: The Murugappa Group will invest Rs1,300 crore in the current fiscal for expansion across various group companiesMurugappa Group vice chairman and director (strategy) A Vellayan said.
The group will invest Rs350 crore in EID Parry and Rs250 crore in its distillary unit, coming up at Sivaganga, Vellayan said.
EID Parry was planning significant investment in the area of sugar, agro products, nutraceuticals and bio products over the course of this year, he said.
Carborundum Universal Limited (CUMI), the group's blue chip company, meanwhile, posted a 23 per cent rise in earnings before interest, taxes, depreciation and amortization (EBIDTA) of Rs162 crore.
To cater to the growing power sector, Carborandum plans to set up a plant at a cost of Rs50 crore to manufacture metallised cylinders, Vellayan said.
Coromandel Fertilisers Limited (CFL) reported a 36 per cent rise in EBIDTA at Rs456 crore. CFLwould also expand its retail chain stores, he said.
