Grasim Industries, the flagship company of Aditya Birla Group, on Monday said that construction of the 1 lakh lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility at Vilayat in Gujarat will commence in the later part of 2023.
Grasim Industries had entered into an agreement with Lubrizol Manufacturing India Private Ltd., in October 2020, for setting up the plant. The first phase of the plant was planned to begin production in the year 2022. However, that could not materialise due to the Covid-19 pandemic and its aftermath, as supply chain disruptions prevented project work from commencing, Grasim Industries said in a filing to the stock exchanges on Monday.
Both the companies have now reaffirmed that the construction of the first phase of the world’s largest single-site state-of-the-art facility in Gujarat will commence in the later part of the year 2023.
The Aditya Birla Group firm said that the project implementation plan is under finalisation, and it will share the further developments including commissioning timelines in due course.
In March, Grasim Industries had acquired 220 acres of land at Gujarat Industrial Development Corporation for Rs 254.70 crore (including GST of Rs 38.85 crore) from Century Textiles and Industries Ltd. The leased land, located in Vilayat Industrial Estate in the Bharuch district, will be used for setting up manufacturing facilities in due course.
In the March quarter, the company reported a 88.5 percent year-on-year (YoY) fall in net profit to Rs 93.5 crore due to multiple one-offs. Revenue for the quarter had grown by 4.2 percent.
Shares of Grasim Industries were trading 0.23 percent higher at Rs 1,784.06 apiece on BSE at 10.01 AM.
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