Manali Petrochemicals (MPL) share price added 3 percent intraday on September 23 after the company approved the proposal to increase its capacity of Propylene Glycol (PG).
The company board has approved the proposal for increasing the capacity of Propylene Glycol (PG) from the existing 22,000 TPA to 70,000 TPA by addition of 48,000 TPA, at an estimated cost of about Rs 150 crore. The expansion is to be implemented in two phases.
The capacity is proposed to be expanded initially to 46,000 MT in 18-21 months and then by another 24,000 MT thereafter, as per the release.
The entire project will be handled in-house by redesigning the current facilities to ensure cost-effectiveness and the most prudent budgetary practices.
The company is the only domestic manufacturer of PG which is widely used in Pharmaceutical/Food & Flavours and also for industrial applications. Subject to market conditions, the present capacity is utilized by MPL in full, it added
At 11:58 hrs, Manali Petrochemicals was quoting at Rs 25.70, up Rs 0.30, or 1.18 percent.