Xinxing Ductile Iron Pipes, which specialises in the manufacture of centrifugal ductile cast-iron pipes, plans to spend Rmb3.33bn on building a large production base in Wuhu, Anhui province.

The plant, which will be located in the city’s Sanshan Green Foods Industrial Park, is designed to have an annual output capacity of 600,000 tons of cast pipes and 150,000 tons of heavy castings and forgings.

According to China Knowledge, the Shenzhen-listed company also intends to spend Rmb512m to start a fine processing project for special steel tubes.

To fund the two projects, the company has secured a syndicated loan of Rmb1.72bn from local banks, sources reported.