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Shares of Ingersoll Rand (India) Ltd. rose as much as 4.7 percent in morning trade on Friday after the company announced plans to set up a new manufacturing plant in Gujarat with a capital expenditure of Rs 170 crore.

The new plant will increase the manufacturing capacity of existing products and also manufacture new products.

The company's board of directors, at its meeting on December 22, approved the setting up of the new plant.

The new plant upon becoming fully operational will manufacture a new range of air compressors, air treatment devices, and hydrogen compressors to cater to the requirement of the domestic market as well as the export market in Europe, the Middle East, and Africa regions.

Explaining the rationale for the new plant, the air and gas compressor manufacturing company said that the current projects for growth need additional space, which the existing plant at Naroda cannot fulfill.

The new plant will not only help secure space for immediate expansion plans but will also fuel future growth prospects

The air and gas compressor manufacturing company said that it proposed a capacity addition of 5,000 units per month initially from the new plant and such addition is expected to be done by September 2024.

Shares of Ingersoll Rand are trading nearly 4 percent higher at Rs 1,878.80.

(Edited by : Rukmani Krishna)

First Published:Dec 23, 2022 11:36 AM IST