Indian Graphite Electrode Major HEG Ltd’s Board approves its Capacity Expansion Plan
As per the latest updates that SteelMint has received, the Board of Directors of graphite electrode major, HEG Ltd at its meeting held today at 12:00 Noon has approved the capacity expansion plan for its plant in India.
The company has proposed a capacity addition of 20,000 tonnes per annum within 30 months at an investment of INR 1,200 crores through internal accruals and debt if required.
The company’s total GE capacity at present is 80,000 tonnes which will be increased to 100,000 in coming next 2.5 years. HEG’s current capacity utilisation is about 85 to 90%.
The rationale mentioned by the company for capacity expansion is the structural change in the industry boosting demand for electrodes, putting a dedicated line for making connecting pins with high focus of quality and healthy payback.
For the quarter ended in Sep’18 (Q2 FY19) reported an increase in revenues of 338% y-o-y basis to INR 1,794 crore and net profits of INR 889 crore (USD 120 million) against INR 114 crore in Q2 FY18.
source: SteelMint
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