GMR Industries plans to invest Rs 70 crore in a new unit in Karnataka
GMR Industries Limited, a part of GMR Group, plans to invest around Rs 70 crore in a new unit in Karnataka to produce medium-density particle boards.
R. Ramakrishnan, Joint Managing Director, GMR Industries said, "We are looking at a greenfield opportunity in Raibagh. These plants (in Karnataka) may be able to feed enough bagasse for the medium-density particle board as well as our co-generation requirement."
Hyderabad-based firm plans to quadruple its crushing capacity to 22,000 tonnes by 2012 and diversify in other related-segments. The company expects to earn Rs 800 to 850 crore by raising its sugarcane crushing capacity by 2012.
GMR Industries Limited operates as a sugar and agri-business company in India. The company manufactures and sells sugar, molasses, and bagasse; distillery products and bio-fertilizers. It also engages in co-generation of electricity using bagasse and biomass products. In addition, GMR Industries is involved in aviation business.
The company reported a 93% decrease in net profit at Rs 0.58 crore for the quarter to December 2007. Its sales decreased by 40% to Rs 27.08 crore.
