VISAKA Industries Limited, a leading sustainable building materials solution provider announced the construction of its Fifth Vnext Boards plant in Midnapore, West Bengal during its Q1FY23 board meeting held last week. Owing to good demand for its products, to cater to new markets, and for their initiative to further their sustainability goals, the company has announced to start work on their new project at the earliest.
The new factory will have a manufacturing capacity of 72000 Mts. and will be powered by ATUM Solar Roof, the World's First Integrated Solar Roof, another VISAKA Industries Limited's sustainable innovation with patents in India, USA, and South Africa.
Mr. Vamsi Gaddam, Joint Managing Director at VISAKA Industries shared a few words to mark the beginning of their latest endeavour, "I am pleased to inform that we are commencing construction of our second manufacturing unit in Midnapore. With an investment of 120 Crores, we're choosing to expand our manufacturing capacity. The market would be not only in West Bengal, but also for the bordering states of East India, in response to rising demand for eco-friendly construction materials. Climate change is making it challenging for natural systems and human society to adapt. At VISAKA Industries Limited, we endeavour to make products that are environmentally friendly in every manner. We're making the entire production cycle net-zero for our newest Vnext Fibre Cement Board manufacturing facility, which is powered by ATUM Solar Roof. Such facilities are critical in a world when resources are dwindling. This unit will be generating total employment for about 500 people (Direct and Indirect)."
Vnext is India's largest selling brand of fibre cement boards and its projects across the country have already helped save over 5,00,000 trees from being felled. These boards are an eco-friendly alternative to climate damaging construction materials such as plywood and gypsum. They are designed to provide strength and stability and fit seamlessly within the architecture, offering an aesthetic solution. Vnext products today have become the material of choice for consultants, engineers, builders, and contractors alike. By setting up their latest Vnext manufacturing facility, the company will help save approximately 467 trees from being felled through its construction.
Shares of Visaka Industries Limited was last trading in BSE at Rs. 497.55 as compared to the previous close of Rs. 496.15. The total number of shares traded during the day was 3113 in over 469 trades.
The stock hit an intraday high of Rs. 504.00 and intraday low of 489.90. The net turnover during the day was Rs. 1550643.00.