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| Phillips Carbon to raise equity to fund expansion plans |
| BS Reporter / Kolkata Jan 22, 2010, 00:15 IST |
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With an eye on fuelling its expansion plans in India and abroad, RPG Group company Phillips Carbon Black Ltd (PCBL) is looking at raising equity either through a rights issue or the QIP (Qualified institutional placement) route.
Over the next 18 months, the firm intends on investing Rs 500 crore for capacity expansion and routine operations, PCBL chairman Sanjeev Goenka said here on Thursday. The company's facility at Mundra in Gujarat would undergo a capacity addition of 50,000 tonnes during this period. Carbon black production at this plant started in October, subsequent to which a 16MW co-generation power plant began operations last month.
Goenka said that the company's overseas JV project in Vietnam would begin operations in 2011. In Vietnam, PCBL is setting up its first overseas carbon black plant through a joint venture in which PCBL will hold 80 per cent. The remainder is held by three Vietnamese state-controlled tyre makers.
The project will be executed in two phases – in the first phase a 60,000 MT carbon black plant, along with 12 MW captive power plant (CPP), with a total investment of $65 million. During second phase, plant capacity will increase to 1,15,000 MT and CPP 18 MW.
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