Business Update3 Jul 2026, 09:30 pm
Everest Steel Subsidiary Withdraws ₹125 Cr CAPEX Plan
AI Summary
Everest Steel Building Private Limited (ESBPL), a wholly owned subsidiary of Everest Industries Ltd, has decided to withdraw its previously approved CAPEX plan of ₹125 Crores for a new manufacturing facility in Andhra Pradesh. The company had initially invested ₹2.91 Crores for land acquisition. The decision to withdraw the CAPEX and surrender the allocated land back to APIIC was made after re-assessing the feasibility of the investment. ESBPL stated that this decision will not adversely impact the company's financials.
Key Highlights
- Subsidiary withdraws ₹125 Cr CAPEX for new manufacturing facility.
- Initial land investment of ₹2.91 Crores will be surrendered.
- Decision based on re-assessed feasibility and business considerations.
- No adverse financial impact expected from the withdrawal.
Price Impact
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