According to the company notice addressed to the exchange, International Steels Limited (ISL) have informed that the Board of ISL at their meeting held on 23rd of January, 2018 have approved a capex of Rs. 290 million for the installation of additional Annealing Basis.
The amount approved is to be invest in annealing and to skin pass facilities to increase its capacity by 100,000 tons per annum at the ISL Factory.
The project is being executed in an effective and efficient manner as per the plan, read the notice. Furthermore, the company informed that the additional capacity in the current facility will provide various advantages and cost efficiencies.
ISL Board also approves an additional capital expenditure worth Rs. 675 million approx. to install Stiller and CTL Machines for the establishment of a state of the art Product Service Centers both at Karachi and Lahore.
Both the projects are expected to be completed by the month of January, 2019.