Ceramics Player Simpolo To Invest Rs 1,000 Crore For 3 Times Capacity Expansion
The investment will be done over the next 2-3 years across two facilities in Gujarat's Morbi and Tirupati in Andhra Pradesh.
Motilal Oswal Alternates-backed ceramics player Simpolo Group on Tuesday announced a Rs 1,000 crore investment to triple its existing capacity.
The investment will be done over the next 2-3 years across two facilities in Gujarat's Morbi and Tirupati in Andhra Pradesh, as per a statement.
In Morbi, the company will invest Rs 650 crore to start the plant in the Malia locality that will create employment for 400 people and be ready by FY26, the statement said.
In Tirupati, it is targeting to invest Rs 350 crore at a plant in Naidupeta that will commence operations by end of FY25, it said, adding that it will create employment for over 300 people.
"The unveiling of our Rs 1,000 crore expansion plan marks a pivotal moment in Simpolo Group's illustrious, 30-year-old journey. With the establishment of the Malia and Naidupeta plants, we are poised to consolidate our position in the Indian ceramic industry," the company's Chairman and Managing Director Jitendra Aghara said.
Details on the expansion like capacity were not immediately available.
