The Board of Directors of Lumax Industries Ltd. evaluated and approved the establishment of the new greenfield project at Chakan, Pune (Maharashtra), with the capital outlay up to Rs. 175 Crs for Phase 1 at their meeting held on 7 December.
The new orders for advanced lighting solutions from OEM clients will be met by this initiative.
The capex would be financed by a combination of internal accruals and debt, and after commissioning, a peak annualised revenue of Rs 600 crore is anticipated.
By Q2 of FY 24, the project is anticipated to be put into operation.
