Everest Steel Building Private Limited, a wholly owned subsidiary of Everest Industries , has withdrawn its Rs 125 crore capital expenditure plan for a proposed Pre Engineered Steel Buildings (PEB) manufacturing facility in Andhra Pradesh. The board of directors of the subsidiary reassessed the feasibility of the investment and decided to surrender the allocated land back to the Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC). The company confirmed that this withdrawal will not adversely impact its financials.

The decision was taken during a board meeting held on July 3, 2026. This move reverses the initial approval granted by the board on February 21, 2023, which had sanctioned the funds for setting up the new plant at R. Ananthpuram. The subsidiary had previously invested Rs 2.91 crore towards the acquisition of the land from APIIC.

The intimation regarding the withdrawal was submitted to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Amruta Avasare, Company Secretary & Compliance Officer of Everest Industries Limited.

Everest Buildpro Private Limited, a wholly owned subsidiary of Everest Industries , has withdrawn its capital expenditure plan of Rs 138 crore for a proposed Fibre Cement Boards plant in Assam. The board of the subsidiary decided to surrender the allocated land back to the Assam Industrial Development Corporation Limited (AIDC) following a reassessment of the investment's feasibility. The company stated that this decision will not adversely impact its financials.

The board of directors of the subsidiary had initially approved the CAPEX on February 25, 2025. Subsequently, the entity had invested Rs 10.90 crore towards acquiring the land at Matia, Goalpara from AIDC. The decision to withdraw the plan was taken during a meeting held on July 3, 2026, based on business considerations.

Key Details of the Withdrawal

The intimation regarding the withdrawal was submitted to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.