Supreme Industries, leading plastics products maker has decided to set up a unit for producing LPG composite gas cylinders at Halol in Gujarat with an investment of Rs 58 crore and to start a new unit to manufacture cross laminated plastic products in Vadodara with Rs 56 crore investment. The company aims total capital expenditure of Rs 200 crore in the current fiscal year.
By September 2013, the company aims to add protective packaging products at new unit at Hosur with the investment of Rs 28 crore and also invest in expansion of other value-added products. The company is going to sell its space in commercial corporate park in Mumbai for about Rs 70 crore for funding the capex and part of it will be funded by internal accruals. The company realized Rs 20.75 crore from sale of 13,169 sq ft of the premises during the September quarter. It has further negotiated for sale of 41,625 sq ft for about Rs 70.06 crore. Sale is likely to be completed in the December quarter.
The firm's total income and operating profit stood at Rs 480.42 crore and Rs 58.35 crore, during the quarter, compared to Rs 437.76 crore and Rs 56.70 crore a year ago, an increase of 9.75% and 2.91%, respectively.