Noida (Uttar Pradesh) [India], February 21 (ANI): Everest Industries on Tuesday said it approved capital expenditure (capex) of Rs 125 crore to set up a new manufacturing facility for the steel buildings division (ESBS) through a subsidiary or by the company at Gudipalli, Andhra Pradesh, or any other appropriate location in south India, subject to approvals.

According to a statement shared with exchanges, the capex would enhance the existing capacity of 72,000 mtpa to 114,000 million tonnes per annum (mtpa) for ESBS division. It is expected that said capex would be operational by March 31, 2024. It will be funded by a mix of internal accruals and debt.

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Everest Industries is engaged in the manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing of components of pre-engineered steel buildings and related accessories.

The company is one of India's largest and fastest-growing complete building solutions providers. Incorporated in 1934, Everest has a rich history in the manufacturing of building materials for roofing, cladding, ceiling, flooring and walls and pre-engineered steel buildings for industrial, commercial and residential sectors.

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The company's consolidated net profit declined 30 per cent to Rs 4.97 crore, however, it achieved 16.3 per cent jump in net sales to Rs 392.35 crore in the third quarter of FY23 (2022-23) over Q3 FY22. (ANI)

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