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CARE Ratings report shows Rs 2,000 crore QIP funds used for Sanand plant expansion
03-Aug-2026, 11:05
CARE Ratings’ monitoring agency report, released this week, indicates that a company has utilized Rs 2,000 crore raised through a Qualified Institutional Placement, with the majority allocated to a Sanand plant expansion. As of June 2026, Rs 1,234.62 crore has been deployed for the expansion, exceeding the initially planned Rs 1,450 crore. While debt repayment was completed as planned in fiscal year 2025, only Rs 0.35 crore of the Rs 239.64 crore earmarked for general corporate purposes has been utilized. The report acknowledges a delay in the Sanand plant expansion, though the duration was not specified, and notes Rs 215.38 crore remains unutilized, generating Rs 87.32 crore in interest reinvested in fixed deposits. The Board of Directors has commented that the project is in progress.
CARE Ratings’ monitoring agency report, released this week, indicates that a company has utilized Rs 2,000 crore raised through a Qualified Institutional Placement, with the majority allocated to a Sanand plant expansion. As of June 2026, Rs 1,234.62 crore has been deployed for the expansion, exceeding the initially planned Rs 1,450 crore. While debt repayment was completed as planned in fiscal year 2025, only Rs 0.35 crore of the Rs 239.64 crore earmarked for general corporate purposes has been utilized. The report acknowledges a delay in the Sanand plant expansion, though the duration was not specified, and notes Rs 215.38 crore remains unutilized, generating Rs 87.32 crore in interest reinvested in fixed deposits. The Board of Directors has commented that the project is in progress.