By IANS,
Kolkata : City-based Phillips Carbon Black Ltd (PCBL) plans to raise equity within the next three months either through a rights issue or Qualified Institutional Placement, the company’s chairman Sanjeev Goenka said Thursday.
“We plan to invest Rs.500 crore in expanding capacity and routine operations over the next 18 months,” Goenka said during a press conference here.
PCBL is a part of the RPG Group. PCBL’s Mundra (Gujarat) plant would be expanded by another 50,000 tonnes in the next 18 months, he said.
In October, the Mundra plant started carbon black production of 90,000 tonnes and then in December 16 MW co-generation power plant was started.
Earlier in April, a 30 MW power plant at Durgapur in West Bengal was commissioned.
“Our Vietnam joint venture project of 50,000 tonnes a year would start operations in 2011 and we plan to double it in the second phase,” Goenka said without mentioning when the capacity expansion would happen.
The project is a joint venture with the Vietnamese government.
PCBL last week entered into an agreement with global tyre major Michelin Tyres.
“We have been supplying carbon black to Bridgestone in Japan under a long term contract and has just entered into pact with Michelin for a limited period initially,” Goenka said.