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Indo Count Industries announced that the Board of Directors of the Company at its meeting held on 24 October 2015, inter alia, has approved the following matters:
1. Considered and declared 1st Interim Dividend of Rs. 1/- per Equity Share calculated at 10% of the par value of Rs. 10/- each for the financial year 2015-16.
2. The Board has approved Expansion of Phase 1 wherein the Capacity will be expanded from 68 million meters to 90 million meters. The total Capital Expenditure will be Rs. 175 crore. The Phase 1 will be completed within 12 -15 months and the same will be funded through internal accruals and debt.
3. The Board has also given accent to Explore the Expansion of Phase 2 and the estimated project cost would be in the region of Rs. 300 crore.
4. Entry in Domestic Business : The Board has approved venturing in Domestic Business to create Home Textile Brands. The Total Capital expenditure over next 2 years is expected to be Rs. 25 crore. The entry in domestic business will be done through a separate subsidiary of Indo Count.
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