Hinduja Foundries to raise Rs 2,500-mn for capex plan

Chennai: Hinduja Foundries, formerly Ennore Foundries, and part of Hinduja Group, plans to raise Rs 250 crore to support its capex programme spread during the next 18 to 24 months.

According to the company, it would raise the money either through equity or other options, including GDRs, depending upon market conditions.

Hinduja Foundries has drawn up a Rs 350-crore investment plan to enhance capacity from the present 152,000 tonnes to 236,000 tonnes in the next two to three years.

The company reported a turnover of Rs 451.42 crore in 2007-08 against Rs 395.24 crore in the previous year.