With reference to the above we wish to inform that as a part of cost reduction initiative the Board at its meeting held on 11th February 2019 has decided to shift the manufacturing facility of the Company situated at Survey No. 823 Ahmedabad-Rajkot Highway Rajoda Bavla Ahmedabad Gujarat-382220 to NH6 Madhabpur Post: Uluberia Howrah - 711303 West Bengal by transfer of plant and machinery and other accessories probably within 31st March 2019.
The said plant belongs to the polymer division of the Company and is based on asset light model wherein the land and building has been taken on lease and the plant and machineries belong to the Company.
The above shifting will reduce the fixed cost without reduction in overall capacities of the division which stands at 51 000 MTPA. The Company will continue to serve the western market through dealers and distribution network supported by the sales & marketing team of the Company.
The unit contributed around 313.41 million (1.53%) in the turnover and 95.22 million (1.49%) in the net worth of the Company during the financial year ended 31st March 2018.
Kindly take the above information on record.
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