New Delhi, May 25 (PTI) Electronic manufacturing and plastic moulding service provider PG Electroplast Ltd (PGEL) plans to raise Rs 76.6 crore to fund its capacity expansion at its Pune air conditioning plant.

The board of the company has passed the resolution to raise Rs 76.6 crore, through which it also plans to establish a new plant in Greater Noida, which will produce air coolers, mobile phone parts and other plastic components, the firm said in a statement.

“Total investment planned for the expansions is about Rs 100 crore for this year,” it added.

PGEL has recorded operating revenue of Rs 642 crore for the fiscal FY2020, registering a growth of 25.4 per cent over the previous fiscal.

“Through this growth-focused funding, we plan to expand our production capacity in manufacturing of ACs and coolers. We want to triple the production capacity of AC manufacturing and other products too.

“The capacity expansion is in line with the growth envisaged in the segment and will also allow it to comfortably meet the PLI scheme criteria of the Government of India,” said PGEL Managing Director Vikas Gupta.

PGEL has six manufacturing units and has a presence in sectors like plastic moulding, tool manufacturing, PU paint shop, PCB assemblies and final product assembly.

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