Company earlier had temporarily shut down the 47,200-metric tons/year plant, after it was reportedly issued a closure notice for violating environmental norms.
Total capex stood at Rs. 71 crore.
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The company is expanding into new geographies and exploring new pigments.
Company's sales decline by 32.7% and stood at Rs 1621.05 crore in Q1 June 2020.
The company reported fall in revenues by 4% YoY during the quarter and sales stood at Rs 241.54 crore.
The new plant will double annual production capacity, going from 140,000 tons per year to 280,000 tons per year from the 4th quarter of 2022.
The upgrade will help increase its water-based paints production capacity and also achieve sustainability goals.
Sales decline 0.03% to Rs 222.91 crore.
The company reported net loss of Rs 10.50 crore in Q1FY21.
The company's subsidiary in the US will be distributing industrial rubber good products in North America.
Company has got final approval from the US regulatory authorities.
The transaction is subject to the approval of the relevant authorities and is expected to be closed around mid-2021.
Phosphatic fertiliser companies will be major beneficiaries of the volume growth as the sales volume for this particular segment has nearly doubled in the first quarter of fiscal year 2021 compared to the same period of previous fiscal, while raw material prices have remained subdued.
The company confirmed its forecast for the full year and still anticipates EBITDA pre exceptionals of between EUR 800 million and EUR 900 million for 2020.
Company's consolidated net revenue dropped by 4.91% YoY and stood at Rs1,636.58 crore
Company's total income declined 9.93% YoY and stood at Rs.937.55 crores in Q1FY21.
Through this collaboration with Plastic Energy, Sealed Air is helping to eliminate plastic waste, support complementary approaches to recycling and enable its customers to incorporate recycled plastics back into their packaging.
The new venture will focus on innovation in vegetable varieties with the goal of lifting the vertical farming space to the next level of quality, efficiency and sustainability.
Production at the new plant to start from October 2020.
Net losses during the second quarter amounted to SR2.22 billion ($0.59 billion).
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