Visaka Industries Limited (NSE:VISAKAIND) has announced the expansion of its Vnext division with a new plant for Vnext board in Tamil Nadu to increase its capacity from 1,70,000 MT to 2,20,000 metric ton (MT). The company will be investing INR 100 crore using internal accruals for the new plant.
The plant will be completed in the next 15 months. It will cater to the market demands of Vnext board in the southern markets of the country. Currently, Vnext plants are operational at Telangana, Maharashtra, and Haryana. Vnext's range of products is designed to substitute plywood and gypsum plaster boards with eco-friendly, modern and sustainable materials. It has a large customer base across India, the Middle East and Africa.
Vamsi Gaddam, the Joint Managing Director of Visaka Industries, said, "We have been in the fibre cement board market for over 10 years and have created a strong base in terms of network and a brand. Vnext's new plant in Tamil Nadu is a part of our expansion plans of the Vnext division. The new plant is a strategic step by Visaka Industries to supply to the growing market demands of Vnext board. We are confident that this will further strengthen our presence in the fibre cement board business as we continue to hold its largest production capacity. Our eco-friendly, futuristic and sustainable products are substitutes to plywood and gypsum boards."
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