Luxi Chemical will instead of setting up a organic silicon project as announced earlier, will now set up a 200,000 tons per annum caprolactam (CPL) plant.
In a filing, Luxi announced plans to terminate the second phase of an organic silicon project, and will instead spend 1.2 billion Yuan raised through an Initial Public Offer (IPO) on a CPL plant.
Luxi will spend around 2.5 billion Yuan on setting up the CPL unit and expects the plant to generate around 4 billion Yuan in annual revenue.
Fibre2fashion News Desk - India
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