Finolex Industries Ltd (BSE -500940) and NSE-FINPIPE), a leading manufacturer of PVC pipes in India, announced it has commenced commercial production of PVC pipes at its manufacturing plant at Masar near Vadodara in Gujarat.
Finolex Industries had entered into a MoU with the Gujarat government during Vibrant Gujarat 2011 Summit for setting up this plant at an investment of approximately Rs 100 crore.
The plant is set up on an area of around 29 acres and will go into production in two phases.
This is the first plant of Finolex Industries outside Maharashtra, where the company has two manufacturing plants.
"Friendly industrial environment in the state of Gujarat prompted Finolex Industries to set up a plant for the first time outside Maharashtra. The plant is strategically located to cater to the dynamic and ever growing agriculture and real estate market of not just Gujarat but also Northern states," said Prakash Chhabria, Executive Chairman, Finolex Industries Ltd.
Chhabria said that the first phase of the Masar plant has added to the production capacity of PVC pipes by about 30,000 tons per annum (TPA).
When the second phase will get commissioned during FY 2013-2014, the total capacity added by the plant will be 50,000 TPA.
The company's total aggregate production capacity across its three ultra-modern plants; viz one each at Pune and Ratnagiri in Maharashtra and this third one at Masar in Gujarat will reach over 200,000 TPA when the second phase is commissioned.