Murugappa Group to invest Rs 1,000 cr in 2007-08
Murugappa Group of companies, with interest in sugar, abrasives, ceramics, fertilisers and sanitary-wares, on Tuesday announced it would be investing Rs 1,000 crore in its business arms during the current fiscal.
By PTI |
CHENNAI: Murugappa Group of companies, with interest in sugar, abrasives, ceramics, fertilisers and sanitary-wares, on Tuesday announced it would be investing Rs 1,000 crore in its business arms during the current fiscal.
These investments would include an exclusive sugar factory for exports in a special economic zone to be set up by the group at Kakinada in Andhra Pradesh, the group's Vice President A Vellayan told reporters here.
The group also reported a profit of Rs 649 crore for the last fiscal, which was 10 per cent higher than the previous year.
Sales rose by 15 per cent to reach Rs 8,446 crore. Barring sugar all other commodities reported higher sales, Vellayan said.
Due to fluctuations in the international prices, sugar sales came down by 22 per cent and profits dropped by 45 per cent, he added.
Carborundram Universal, the blue chipped company of the group, reported Rs 146 crore as profit, he said adding Godavari Fertilisers and Coromandel fertilisers reported a profit of Rs 202 crore.
The group had picked 49 per cent stake in Sanhe Yanjiiao Industrial Diamond Company in China during the last fiscal. The new tubes factory in Sushou, China, would commence production very soon, Vellayan said.
Another unit at Jingri in China, which was set to produce bonded abrasives, was expected to be operational in the third quarter of next fiscal, he said.
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