Finolex Industries to invest Rs 90 crore over three years

NEW DELHI: Finolex Industries Ltd today said it will invest Rs 90 crore over three years to increase capacity of its PVC pipes and fittings plants as part of plans to cross $1 billion turnover mark in five years.

Finolex said investments will be utilised to expand its portfolio and create solutions that help prevent leakage during water transportation.

"The company is planning to increase its capacity of the PVC Pipes and Fittings plants by approx. 40 per cent to 3.2 lakh tonnes through an additional capital expenditure of Rs 90 crore spread over three years," the company said in a statement.

The company, which clocked a turnover of Rs 2,453 crore in 2013-14, said it is expecting to grow at a CAGR of 15 per cent to 20 per cent over the next five years, which will see its turnover cross $1 billion.

"The new push (water conservation) is expected to contribute significantly to this vision," Finolex said.

The company has also unveiled a new brand identity, 'Tarakki Zindagibhar'.

Finolex said it will soon begin to communicate its new positioning through television and radio campaign, website and social media.

Finolex' plants are in Pune, Ratnagiri and Masar near Vadodara.