N R Agarwal Industries Limited announced that the company's Unit III (Duplex Board) situated at Plot No. 901, Phase III, GIDC, Vapi - 396 195, Dist. Valsad, Gujarat Sate, has been permanently shut down with effect from January 6, 2023.

The amount and percentage of the turnover contributed by Unit 3 is INR 2,130 million which 13% of the overall turnover of the Company during the last financial year. The net worth contribution of Unit III was approximately 10%-11% of the overall net worth of the Company during the last financial year. Reasons for closure: Market conditions not favorable; Non receipt of orders on time; Increase in raw material prices on daily basis; Non viability due to detoriating condition of machine.