Business Update14 Sept 2024, 12:34 am
Seshasayee Paper and Boards Approves Rs.100.0 Crores Capital Expenditure for Unit-III Revival
AI Summary
Seshasayee Paper and Boards Ltd. has informed the stock exchanges about the approval of a capital expenditure of Rs.100.0 crores for the revival, refurbishment, and expeditious restart of Unit-III. The decision comes after the Hon'ble NCLT, Chennai Bench approved the sale of assets of M/s.Servalakshmi Paper Limited as a Going Concern in favor of Seshasayee Paper and Boards Ltd. The company has taken steps to restore electricity, water supply, and initiate plant refurbishment. However, few appeals challenging the NCLT's order are pending in the Hon'ble NCLAT.
Key Highlights
- Seshasayee Paper and Boards Ltd. approved a capital expenditure of Rs.100.0 crores for Unit-III revival.
- The approval comes after the NCLT's approval of the sale of M/s.Servalakshmi Paper Limited's assets as a Going Concern in favor of Seshasayee Paper and Boards Ltd.
- The company has initiated steps for electricity, water supply restoration, and plant refurbishment.
- Few appeals challenging the NCLT's order are pending in the Hon'ble NCLAT.
- The revival, refurbishment, and restart of Unit-III is expected to happen at the earliest.