May. 16, 2019
Murugappa group, a leading business house in south India, is going ahead with capacity expansion plans of ₹1,300 crore across companies during the current fiscal to take advantage of the growth opportunities even as it treads a cautious path.
After achieving a double digit growth in 2018-19, the group is cautiously optimistic about the outlook in this fiscal.
“Aspiration is always there for double digit growth and certainly we are planning on that basis. But we are clearly seeing challenges across businesses – agriculture, engineering and financial services. Nevertheless, we want to ready for the future growth,” MM Murugappan, Executive Chairman of Murugappa Group, said here.
The group will spend the capex of about ₹1,300 crore in expansion of capacities, de-bottlenecking and in IT infrastructure.
For Coromandel International, the capacity expansion will be for phosphoric acid and in the pesticide business.