Somany Ceramics to invest Rs. 177 crore towards its expansion plans.

The board of directors of Somany Ceramics have decided to make investment of Rs. 42 crore in the share capital of Sudha Somany Ceramics, a subsidiary of the company in one or more than one tranche, the company said in a BSE filing recently.

The proposed investment is towards the capacity expansion of 3.6 million sq meters per annum of Glaze Vitrified Tiles (GVT).

It also decided to make investment of Rs. 90 crore in the share capital of Somany Piastrelle, a wholly-owned subsidiary of the company in one or more than one tranche, the company said in a regulatory filing.

The proposed investment is towards setting up a greenfield project of 3.48 million sq meters per annum of Glazed Vitrified Tiles at Dhanot, Gujarat.

The board also approved the modernisation-cum-expansion of the production line of double fast firing to produce large format wall tile, at the Kassar plant of the company through an investment of Rs. 45 crore, the company said in a regulatory filing.

The existing capacity of the plant is about 7,000 sq meters per day of wall tile which is being fully utilized.

After the proposed modernisation the capacity will increase to about 16,000 sq meters per day and will be completed by fourth quarter of next fiscal.

ET