| Gokul Refoils enters East | |
| BS Reporter / Mumbai/ Kolkata July 3, 2009, 0:31 IST | |
Company setting up an oil refinery plant in Haldia at an investment of Rs 140 crore
Gujarat-based Gokul Refoils & Solvent Limited, the Rs 2,650 crore edible oil refinery company, is entering the eastern region with a 1,000 tonne per day capacity in Haldia at an investment of Rs 140 crore.
The Haldia plant will be GRSL’s fourth facility in the country.The company at present has three facilities in Gujarat near Kandla port with a total refining capacity of 2,000 tonne per day.
Speaking to the media in Kolkata on Wednesday, Kanubhai J Thakkar, managing director, GRSL, said, “This plant is part of our overall expansion plans. We did not have any presence in the eastern region. So we thought of setting up one near the port, which will help reduce our freight charges and logistics bill.”
“The plant in Haldia is located at a strategic position. We have direct connectivity through a pipeline to the port. It is closer to Malaysia and Indonesia, some of the major exporting countries for edible crude,” said Thakkar. GRSL got about 22 acres on lease from the state government for the plant.
The plant was inaugurated last week by finance minister Pranab Mukherjee. It will start commercial production from early next month. The company was also planning to make its foray in the southern markets, Thakkar said. “We are looking at increasing our refining capacity to 10,000 tonnes per day within the next five years,” he added. The company targeting a Rs 3,500-crore turnover this fiscal with the new refinery facility coming onstream.
It also plans to foray in the power business and has signed a memorandum of understanding with the Gujarat government. A joint venture will be formed with the Gujarat government holding 26 per cent and GRSL having 74 per cent. “We plan to set up a 135 Mw lignite-based power plant. We have got the land and the plant will go on stream in two years’ time,” said Thakkar.
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