Nitin Fire launches Rs 64 cr IPO
Nitin Fire Protection Industries Ltd (NFPIL) on Monday said it will raise nearly Rs 64.41 crore through an initial public offer to fund its expansion plans at the Visakhapatnam Special Economic Zone (SEZ).
By PTI |
MUMBAI: Nitin Fire Protection Industries Ltd (NFPIL) on Monday said it will raise nearly Rs 64.41 crore through an initial public offer to fund its expansion plans at the Visakhapatnam Special Economic Zone (SEZ).
"The company is setting up a second cylinder plant in the Visakhapatnam SEZ as most of the raw material for the plant is being imported," NFPIL Director G K Shahi said adding that the unit will also benefit from duty free supply of fuels in zone.
The expansion at an approximate cost of Rs 128- Rs 130 crore will funded through the IPO as well as internal accruals.
The plant's first phase with a capacity to produce 2.5 lakh cylinders has started production from this month.
The location of the plant in the SEZ will also enable NFPIL to avail 100 per cent income tax benefit during the first five years and 50 per cent tax benefit during the next five years.
The proposed second phase plant will start production in the next 9 to 12 months time.
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