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HomeEquityMUGHAL successfully completes BMR of bar re-rolling project

MUGHAL successfully completes BMR of bar re-rolling project

June 1, 2021 (MLN): Mughal Iron & Steel Industries Limited has successfully completed the BMR of bar re-rolling project.

This will not only result in improving the capital structure and Shariah compliance of the Company but will also result in improved profitability due to a decrease in markup cost and decrease in tax expense due to availability of tax credit (65E) for the next 5 years in respect of operations of new bar mill, a progress report issued to Exchange said.

To recall, in 2017, the Company had announced the BMR of its bar re-rolling mill. However, due to the onset of the Covid-19 pandemic and the ensuing lockdown, the target completion date of the project was delayed, and the estimated completion date had to be revised to 2Q of the calendar year 2021.

Copyright Mettis Link News

Posted on: 2021-06-01T10:46:00+05:00

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