Murugappa group intends to spend Rs 1,300 crore on capacity expansions
in 2008-09. The group also plans to add muscle to three fledgling
businesses — "rural retail", neutraceuticals and life sciences.
The proposed investments are more than twice as much as last year (Rs
580 crore). Addressing a press conference here today, Mr A. Vellayan,
Vice-Chairman and Director-Strategy of the group, said that EID Parry
would invest Rs 350 crore in a greenfield sugar refinery, coming up at
Kakinada SEZ. The refinery is coming up under a joint venture with
Cargill, in which the Mugurappa group owns 51 per cent.
The refinery was originally planned for a capacity of 600,000 tonnes
of sugar a year, but now the thinking is to produce 1 million tonnes.
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