Mahindra Ugine Steel Company Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 02, 2012, has in principle, approved the proposal of incurring a capital expenditure of about INR 47.49 crores for setting up Automated Heavy Stamping Presses at the manufacturing unit of its Stamping Division at Pantnagar near Rudrapur, Uttarakhand.

The proposed new Heavy automates stamping presses are being set up to meet the increasing demand of stamping components of automotive businesses situated in and around Pantnagar and Rudrapur like Tata Motors Ltd, Ashok Leyland and Mahindra & Mahindra Ltd.

The said Press Shop is expected to be commissioned in FY 2013-14.

Source - ET

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