Polyplex Corporation Limited's Thailand arm to set up new BOPET Thin Film line

The Board of Directors of Polyplex (Thailand) Public Company Limited, Thailand (PTL), a subsidiary of Polyplex Corporation Limited, in which our Company has 51% stake, have approved a proposal to set up a new BOPET Thin Film line with an installed capacity of 5OKTPA which will come up adjacent to the existing line in Decatur, Alabama, United States of America (USA) at an estimated cost of USD 102.80 Million (including Working Capital). Included in the scope of the project is debottlenecking of the existing PET resin plant, for creating a matching captive capacity, which will result in increase in capacity from 58KTPA to 86 KTPA.

The project is proposed to be financed by available surplus cash balances and internal accruals and the tentative time frame for commissioning is about 24 months.

This project would be implemented by 'Polyplex (USA) LLC', USA which is a Wholly Owned Subsidiary of PTL.

The Board of Directors of our Company have also in their meeting held yesterday accorded approval to the setting up of above project.

Shares of POLYPLEX CORPORATION LTD. was last trading in BSE at Rs.713.6 as compared to the previous close of Rs. 708.6. The total number of shares traded during the day was 4911 in over 624 trades.

The stock hit an intraday high of Rs. 720.65 and intraday low of 697.35. The net turnover during the day was Rs. 3477635.

Source : Equity Bulls

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