Varun Industries Ltd has announced that the Board of Directors of the Company has given an in-principle approval for setting up an integrated, state-of-the-art Stainless Steel cum alloy steel complex at Village Rohat near Jodhpur in Rajasthan. The initiative is part of its backward integration plan to be self sufficient in raw material supply and thereby improve its competitive edge. The plant will be set up in two phases and will comprise facilities for making stainless steel flats and other high quality stainless steel and alloy steel items including rounds, angles, wire rods, channels, structurals and long products.
The first phase of the proposed project estimated to cost Rs. 230 crore will have a capacity of 1,20,000 MT per annum.
The Company is confident that after it has met its own captive needs there will be a steady and growing market demand for its high quality products contributing to its growth and profitability. The Company is committed to optimize on its core area of competence which is steel and this plant will catapult it into the elite league of large steel manufacturers.
The Company has acquired the entire equity share capital of Nagina Hotel Pvt. Ltd., Mumbai, thereby making it a wholly owned subsidiary of the Company. The Company has plans to locate the Corporate Office of the Group at the premises owned by that Company at Byculla, Mumbai.
The stock was trading at Rs.170, up by Rs.1.70 or 1.01%. The stock hit an intraday high of Rs.174.40 and low of Rs.167.
The total traded quantity was 63304 compared to 2 week average of 99861.