Team News Riveting
Raipur, November 6
Godawari Power and Ispat Limited (GPIL), the flagship entity of Chhattisgarh-based Hira Group, will set up a plant to manufacture Oriented Polyvinyl Chloride (OPVC) pipes.
The proposal was considered and approved by the Board of Directors of GPIL at its meeting held on Wednesday. The GPIL said in a regulatory filing that the proposal to manufacture OPVC pipes by setting up a separate unit was approved by the board. OPVC pipes are replacement of Ductile Iron Pipes, which are cost effective and the demand for which is going up.
The project shall induce an investment of Rs125 crore including working capital margin. It is expected to add to the top line by Rs 200 crore annually on commissioning of full capacity.
Besides, the board approved the proposal to amend the Object Clause of the Memorandum of Association (“MOA”) of the Company subject to approval of members of the Company to enable the company to undertake and commence OPVC Pipes and allied businesses.
Proposal to convene an Extraordinary General Meeting (EGM) on Wednesday, the I lth day of December, 2024, through Video Conferencing for obtaining approval of shareholders, inter alia, for amendment of main objects clause of the MOA of the Company was also approved. The notice of EGM will be sent to the shareholders and stock exchanges in due course separately, the company said.
The board also approved the proposal to acquire up to 60 per cent equity stake in R. G. Pigments Private Limited (RGP) for a consideration of Rs 56.75 crore. RGP is engaged in the business of recycling of non-ferrous-metals industrial waste.
