Brief: Enkei Wheels India Revises Expansion Plan For Shikrapur Factory

Enkei Wheels (India)

27/11/2019 11:52

Nov 27 (Reuters) - Enkei Wheels India Ltd  ENWL.BO :
    * UPDATE ON PROPOSED EXPANSION PLAN TO EXISTING FACTORY AT
SHIKRAPUR
    * EXPANSION PLAN IS DELAYED DUE TO DELAY IN RECEIPT OF
CERTAIN
GOVERNMENT APPROVALS
    * REVISED PLAN; EXPANSION OF BUILDING, INCLUSION OF MACHINE
SHOP
ADDED DUE TO CHANGE IN PROJECT REQUIREMENTS
    * EXPANSION PROGRESSING SLOWLY DUE TO AUTO INDUSTRY
SLOWDOWN;
EXPECT SAME TREND TO CONTINUE FOR A FEW MORE MONTHS
    * COST OF CONSTRUCTION AND MACHINERY AND EQUIPMENT COST IS
INCREASED COMPARED TO INITIAL PLAN
    * REVISED PROPOSED INVESTMENT NOW 2.3 BILLION RUPEES VERSUS
1.25
BILLION RUPEES EARLIER
    * EXPECTS ENTIRE PROJECT TO BE COMPLETED IN NOV-2020; ONE
MAC LINE
WILL BE OPERATIONAL TILL END OF YEAR 2021

Source text for Eikon:  ID:nBSE4B5JkX 
Further company coverage:  ENWL.BO 

 ((Reuters.Briefs@thomsonreuters.com;))