Mumbai: Plastic products maker Kisan Mouldings on Tuesday said it has opened a new manufacturing plant in Chhattisgarh and expects to start two more plants soon.
Shares of the company surged nearly 20% on the Bombay Stock Exchange (BSE) to touch a year’s high of Rs40.90 after the announcement.
The company has inaugurated a new manufacturing unit in Mahasamund, Chhattisgarh, which will produce PVC pipe, water tanks and moulded furniture, Kisan Mouldings said in a filing to BSE.
The new plant was inaugurated on 3 September, the company said, adding that it intends to produce around 1,500 MTs of PVC pipes with the help of this unit to get a total production of 15,000 to 16,000 MTs.
The new unit will help the company to cater the northern and eastern areas of the country more smoothly, it said.
Two more locations, where Kisan Mouldings plans future expansions very soon, are in Solan (Himachal Pradesh) and Dewas (Madhya Pradesh).
“We expect with the investments in three new factories, which is done over the last one year at a cost of about Rs53 crore, would help us to double our volumes by FY 2010,” Kisan Mouldings MD Satish Aggarwal said.