Ice Make Refrigeration to invest Rs 50cr in continuous penals business

Ice Make Refrigeration Limited has announced plans to expand its refrigeration continuous penal business by investing up to INR 50 crores towards a greenfield project during the financial year 2022-23.

The new project will be constructed in a nearby area in Ahmedabad, Gujarat that will be fully operational in the coming 12-15 months, said the cooling solutions provider.

According to Ice Make Refrigeration Limited, continuous penals are used in areas such as infrastructure, industrial, and residential buildings.

Chandrakant P. Patel — Ice Make Refrigeration Limited CMD said: “The project will further strengthen the business growth of the Company. We are in the process of evaluating various sources of finance for the capex plan of Rs. 45 to 50 crores.

“Our strategic priorities for FY 2022-23 also include focus on increasing top-line margins and ensuring a consistent growth of 25- 30 percent. Additionally, the Company is also looking for opportunities to expand geographically, by setting up a stock point or a small manufacturing unit to save logistics cost.”