PTI reported that leading plastics products maker Supreme Industries has drawn up plans to invest INR 200 crore in the current fiscal year.

Mr M P Taparia MD of Supreme Industries said that "We are investing INR 58 crore to set up a unit for producing LPG composite gas cylinders at Halol in Gujarat, and INR 56 crore to start a new unit to manufacture cross laminated plastic products in Vadodara."

He said that besides, it is investing INR 28 crore in a new unit at Hosur, Tamil Nadu to manufacture protective packaging products and also invest in expansion of other value added products, adding expansion will be completed by September 2013.

The CAPEX will be funded through internal accruals, and part of it will come from selling its space in Commercial Corporate Park in Mumbai for about INR 70 crore.

During the September quarter, the company realized INR 20.75 crore from sale of 13,169 square feet of the premises. It has further negotiated for sale of 41,625 square feet for about INR 70.06 crore. Sale is likely to be completed in the December quarter.

(Sourced from PTI)