Phillips Carbon plans Rs 350 cr capex

RPG group company Phillips Carbon Black would incur a capital expenditure of Rs 350 crore for setting up two carbon black plants and a power plant, a top company official said today.

The company is in the process of setting up a 50,000 MT carbon black plant at Mundra in Gujarat which would be commissioned this financial year, Phillips Carbon Black chairman Sanjiv Goenka said.

The firm was also planning to set up another 50,000 MT plant, the location of which is yet to be finalised. The plant would require 40 acres of land, he told reporters here.

"Post completion of the two projects, the total carbon black manufacturing capacity would go up to 4,60,000 MT," Goenka said. The present capacity is 3,60,000 MT per annum.
    
He said that power generation capacity would also go up. While the company was setting up an 8 MW captive power plant at Mundra, another 18 MW plant would also be set up.
    
During the last fiscal, the company had made a capital expenditure of Rs 390 crore, Goenka said.
    
Meanwhile, the company had made a qualified institutional placement issue of Rs 99.28 crore by offloading 50 lakh shares priced Rs 200 each.
   
Goenka said land acquisition for the company's plant in Vietnam is currently underway.