Omax Autos doubling rail equipment manufacturing

Auto component maker Omax Autos has approved to double manufacturing capacity of products and equipment supplied to railways very shortly. A decision to this effect has been taken by the company's board approving a proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to railways. Currently, the company has a manufacturing capacity to convert around 4,800 tons per annum of steel into various parts and equipment required by the railways. The company explained that the capacity expansion exercise would require an investment in the range of ₹100 crore to ₹120 crore. The funds for the expansion will be generated by the realization from disposal of existing surplus assets, internal accruals and external borrowings.