Lanco Industries to invest Rs 325 crore for pipe plant

NEW DELHI: Lanco Industries plans to set up a one lakh tonnes per annum (tpa) pipe plant with an investment of Rs 325 crore.

The company is also planning to change its name to Srikalahasti Pipes.

The Andhra Pradesh-based firm's Board at its meeting today has given nod to both proposals, it informed the BSE.

"...the Board of Directors has approved capex plan of Rs 325 crore to set up a Small Dia Pipe (SDP) plant of 1,00,000 tpa for sizes ranging 100 mm to 300 mm dia with increased capacity of blast furnace and other facilities," it said.

"The Board has also approved the change of name of the company from Lanco Industries to Srikalahasti Pipes which is subject to shareholder's approval in general meeting and other statutory approval," it added.

During the first quarter of the current fiscal, Lanco Industries reported Rs 12.84 crore net profit on net sales of Rs 217 crore.

Shares of the company closed at Rs 41.70 apiece, down 0.12 per cent, on the BSE.