Company is doing a 650 crore capex for a BCTMP pulp mill. The company has done some acquisitions in the corrugated box segment. A huge expansion in virgin fiber board was completed only in Jan 22. The company has just came out of major expansion for packaging board and Sirpur mills( 2019-22). On top of that they have been acquiring corrugated board manufacturers. They always had very high capacity utilisation for their paper business except for Sirpur. It is the realisation that makes the difference.
I think company is diversifying into related business that require smaller capex.
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