Hinduja Foundries has earmarked about INR 220 crore for its expansion plans in Andhra Pradesh and Tamil Nadu.
The reports added that the company is likely to invest around INR 170 crore for setting up a Greenfield facility at Toopran in Hyderabad in Andhra Pradesh and the remaining INR 50 crore is to be utilized for balance of plant and optimization at its Sriperumbudur plant in Tamil Nadu. The new facility at Toopran is likely to come up on 60 acre with a capacity of around 48,000 tonne per annum.
Of the total the company is likely to fund the INR 50 crore through debt and equity. However the company did not disclose as to how the remaining funds are to be raised.