Grasim receives approval for expansion of Vilayat plant
Grasim Industries, an Aditya Birla Group company has received government clearance for expansion of VSF plant in Vilayat, Bharuch district, Gujarat. The expansion project would require an investment of around Rs. 2,500 crore.
The Ministry of Environment has given its approval which is subject to conformation to requisite conditions put forth by the ministry. The company is a leading manufacturer of viscose staple fibre (VSF) in India. VSF is a man-made, biodegradable fibre with characteristics similar to cotton. Prices for VSF remained firm due to plants closure in China owing to environmental factors.
The company's revenue for the Q2FY17 stood at Rs. 4,037.27, with PAT of Rs. 574.50. The company's VSF segment (includes VSF and VFY ) earned revenues of Rs. 2,119 in Q2FY17.
At 11:16 the stock of Grasim Industries was quoting Rs. 1221.65 per share, up by 0.07 per cent on Monday. Meanwhile, S&P BSE Sensex was at 35,615.22, up by 103.4 points or 0.29 per cent.