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| Rainbow Papers to raise Rs 240 cr for expansion |
| Announcement / Corporate Mar 25, 2010, 19:27 IST |
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Rainbow Papers, a leading paper and paper products manufacturing company, in the board meeting scheduled on March 24, 2010 has announced to raise Rs 240 crore for funding its future expansion plan. The Board of Directors in the board meeting have approved sanction letters of the consortium bankers for availing term Loan of Rs 200 crore and Working Capital limits of Rs 40 crore as one of the means for funding company’s future expansion plan. The company has already raised funds to the tune of approximately Rs 123 crore through GDR issue in the past and the balance amount would be arranged through internal accruals.
The total capex plan of Rs 327 crore will be utilised for installation of German imported Voith-make fully automated machine having capacity of 350 MT per day, for funding installation cost of 30 MW Power Plant, Deinking Plant, Pulp Mill, erection charges and technology upgradation of the machine.
Commenting on the development Ajay Goenka, Managing Director of Rainbow Papers Ltd said “On completion of expansion plan that is scheduled in the first quarter of 2011, Rainbow’s would enhanced its position in the industry amongst few paper manufacturer that can produce more than 186 varieties of papers with capability of nearly 3,05,000 MT per annum at a single location.”
Currently, Company’s production capacity is 198,000 tons per annum of which its paper division has a production capability of 90,000 tons per annum. Its products include writing and printing paper, newsprint paper, duplex boards, coated paper and board, color paper and board, crepe paper and poster paper and is engaged in manufacturing of color paper & board, cast coated paper & board and Manila/Bristol paper & board.
About Rainbow Papers:
Rainbow Papers Ltd, is a BSE listed (BSE Code: 523523) Ahmedabad-based company engaged in the business of manufacturing of paper and paper products. The company is accredited with ISO 9001, 14001 & OHSAS 18001.
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