Omax Autos shares rallied 5 percent intraday Tuesday as the company is going to set up new industrial unit in Uttar Pradesh.
The automotive component manufacturer informed exchanges that the board of directors on Monday approved the proposal for setting up a new industrial unit at or around Raibarelli, Uttar Pradesh.
The company will manufacture long member in the new industrial unit and proposed capacity addition of 1.44 lakh long member within three years.
The investment required for this unit is approximately Rs 165 crore, Omax Autos said, adding 50 percent would be funded through equity and remaining 50 percent through external borrowings.
