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Last Updated : Sep 16, 2015 12:18 PM IST | Source: Moneycontrol.com

CMI gains 7%, to set up manufacturing facility at Haryana

The company intends to start production in the new facility within this financial year.

 
 
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Moneycontrol Bureau

Shares of CMI advanced 7 percent intraday Wednesday. The company is setting up a new manufacturing facility at Bawal, Haryana to cater of growing demand for its products.

The company has acquired a fully developed with all facilities a manufacturing unit of Danish company FL Smidth Pvt. Limited at Plot No. 116-117, Sector-07, Phase-01, IMT Bawal, Rewari, Haryana-123501.

This manufacturing unit is spread over 1,01,115 sq. ft with built up area of 67,000 sq. ft having all the necessary clearances and facilities for industrial production.

The company is planning to invest approximately Rs 20 crore on the acquisition and setting up of the facility at Bawal. This investment is expected to significantly augment the production capacity of the company.

The company intends to start production in the new facility within this financial year.

At 12:05 hrs CMI was quoting at Rs 195.50, up Rs 10.80, or 5.85 percent on the BSE.

Posted by Rakesh Patil
First Published on Sep 16, 2015 12:18 pm
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