Ganesh Polytex Ltd (GPL) has earmarked Rs125 crore for funding its organic growth plans over the next one year.
The plan involves setting up greenfield plastic recycling projects with the capacity to covert 15,000 tonnes per annum (tpa) of waste into partially oriented yarn (POY) and texturised yarn, GPL CFO Gopal Agarwal said.
The project cost of Rs125 crore will be financed through a mix of equity, debt and internal accruals, Agarwal said.
As part of forward integration, the company will also creating capacities for the manufacture of 5,000 tpa of spun yarn out of recycled polyester staple fibre.
The project is proposed to be set up at Bilaspur, in Uttar Pradesh, near GPL’s existing pet bottle processing unit. A plot measuring around 15 acres has been bought for the project, Agarwal said.
Established in 1989, GPL initially had a yarn dyeing and doubling capacity of 391 and 360 tpa, respectively. Since then the company has augmented its yarn dyeing capacity to 2,400 tpa.
On Monday, GPL gained 0.40% to Rs63.45 on the Bombay Stock Exchange, while the benchmark closed 0.07% up at 19,981.31 points.
Medical equipment-maker Opto Circuits Ltd said it has completed the acquisition of US-based Cardiac Science Corporation.
The company has acquired 100% stake in Cardiac Science Corp. As a result of the transaction, the US-based company has become a wholly-owned subsidiary of the Indian firm, Opto Circuits said in a filing to Bombay Stock Exchange (BSE).
The domestic firm has completed the merger of its wholly-owned unit Jolt Acquisition Company into Cardiac Science Corp, it added.
In October, India-based Opto Circuits had announced that it would snap up cardiology device-maker Cardiac Science at a cost of around $85 million (about Rs 375 crore). The domestic firm had entered into a definitive pact with the US entity for the deal.
The acquisition will help Opto Circuits expand its presence in the non-invasive diagnostic monitoring space and also enter the high growth automated external defibrillation market.
As per their definitive agreement, Opto Circuits was to acquire shares of Cardiac Science for $2.30 a piece.
The deal would be entirely in cash tender and transacted by a wholly-owned subsidiary of Opto Circuits, the company had said in an earlier filing.
On Monday, Opto Circuits ended 1.34% down at Rs284.05 on the BSE, while the benchmark closed 0.07% up at 19,981.31 points.
As 1,50,000 people converge at Chaityabhoomi to pay homage to Babasaheb Ambedkar, the architect of India's Constitution on his 54th death anniversary
A sea of humanity descended from all over the country at Chaityabhoomi, Dadar, in central Mumbai, to pay homage to the architect of the Indian Constitution Dr Babasaheb Ambedkar, on his 54th death anniversary today.
Bhimrao Ramji Ambedkar, passed away on 6 December 1956. The day is observed as Mahaparinirvan Din. The last rites were performed at Chaityabhoomi near Shivaji Park, Dadar.
As has been the tradition, hundreds of people began coming to the city some days ago and today the queues were unending. This has become possible with the growing support of all political parties. While arrangements for hygiene and sanitation still leaves a lot to be desired, the crowd management and overall discipline of the people has been commendable.
The queues of people looking forward to a glimpse of the statue of Dr Ambedkar in the sanctorum stretched for a few kilometres, around the historic Shivaji Park nearby, to adjacent Worli and disappearing into the fishing village there. Moneylife photographed images of the awe-inspiring occasion on a walkabout along the route the queues had formed and right into the inner sanctum, this afternoon.
The civic departments made elaborate arrangements for the convenience of the people converging at the Chaityabhoomi. Water tankers, wash rooms and about 200 toilets were set up and over 800 workers were engaged to maintan cleanliness in the area where the people have been camping.
Hundreds of volunteers were distributing food and water. Many were even busy helping families trace some members who were lost in the crowds.
With shops around Shivaji Park prudently opting to remain closed, the pavements were taken over by hawkers selling books, photographs, candles, flowers and a variety of charms and trinkets for out-of-town visitors. Strangely, this gigantic annual gathering of over 1,50,000 (estimates by the police control room) found hardly a mention in the mainline English media this morning.
However, while the sponsored visit of the crowds to Mumbai may improve, it is clear that even the best civic and police administrators cannot prevent the accompanying chaos and hardship to those who live in the area. So, some residents even leave the area for a couple of days, to return after the crowds have departed. The one blessing this occasion does bring, is that during these days people in the area receive water supply round-the-clock.
Perhaps one solution that can be considered is to provide more space for this enormous gathering of people by developing a part of the neighbouring government-owned Indu Mills as a place of homage and remembrance for a leader, who seems to be growing in stature even decades after his demise. One blessing in the past year is the Worli-Bandra sealink that allows north-south commuters to skip the Veer Savarkar road, which runs through the area, and avoiding the previous nightmarish traffic jams on the day.