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HFCL Plans New Manufacturing Unit in Andhra Pradesh, India; Shares Down 4%

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HFCL (NSE:HFCL, BOM:500183) has received board approval to establish a defense manufacturing facility in Andhra Pradesh, India with an initial outlay of 2.30 billion Indian rupees, according to a Thursday filing to the Indian stock exchages.

The proposed facility be used to design, develop and manufacture multi-mode hand grenades and similar other products and advanced defense systems.

The facility is expected to be completed by December 2027 and it is estimated to add capacity of 4 million units.

The company's shares were down over 4% in recent trade.

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