KARACHI: The Board of Directors of Pakistan Oxygen Limited in its meeting held on Monday has approved an investment plan of about Rs 417.5 million for setting up a new electrode manufacturing facility at Karachi.

The latest technology European plant is expected to commence production by early 2022, a material information sent to Pakistan Stock Exchange said.

The Company is already engaged in the manufacturing of quality welding consumables and sale of welding machines and allied accessories. With the proposed expansion, the Company’s capacity and capability in the welding and hardgoods segment will be enhanced to better meet the growing demand for quality electrodes in the country, the Company said.