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Himadri Speciality to invest additional Rs 1,000 cr in Bengal

Press Trust of India  |  Kolkata 

Coal-pitch and carbon black maker would invest Rs 1,000 crore for setting up a greenfield plant in West Bengal, a top said today.

The new unit would come up at its existing facility at Mahistikry in district, and manufacture high-end speciality carbon black.

"We will invest Rs 1,000 crore in phases to set up a new plant to manufacture around 40 high-end grades of speciality carbon black with a terminal capacity of two lakh ton per annum (tpa)," of Himadri Speciality Chemical Anurag Choudhury said.

He said that the plant would make raw used in the manufacture of racing tyres, moulded luggage and the plastic industry.

"There is hardly any big player in in this segment. These were being imported from the USA and Our products will be of import substitution by nature," Choudhury said.

He said the company would also export speciality carbon black to north America, Europe, and the Middle East markets.

Following achievement of full capacity at the new plant, Himadri Speciality Chemical would accrue an incremental revenue of Rs 2,500 crore to Rs 3,000 crore per annum, and provide direct and indirect employment to around 1,500 people, the told reporters here.

The project, to be funded mainly through internal accruals and a small portion of debt, would be completed within five years, Choudhury said.

With a market capitalisation of USD 1 billion, the company was expecting a turnover of Rs 2,200 crore in the fiscal 2017-18, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 18:55 IST