Grasim Highlights Economic Growth Prospects in its 73rd AGM, Reports Better Capacity Optimization due to Normalizing Operations
After a steep economic fallout in the first quarter due to COVID-19 pandemic, Indian economy is finding its balance in the potentially growing sectors. Stating that the country’s long-term growth remains intact and the industrial activity is gradually normalising, Aditya Birla Group chairman Kumar Mangalam Birla declared in its 73rd annual general meeting held through video conferencing, that its chemicals and Viscose Staple Fibre (VSF) businesses are now operating at the pre-pandemic levels at nearly 80% of the current capacity. The company has decided to proceed with its INR 3,523 crore VSF brownfield expansion project in Gujarat with a revised schedule. The company has estimated its capital expenditure for FY21 to INR 1,615 crore and has applauded the government’s initiatives towards promoting domestic manufacturing through the Atmanirbhar Bharat mission.