Pegasus Sets Up Recycling Plant In Andhra

The unit, set up by Pegasus Fineplant, (PFL) adheres to international standards and utilises the latest plastcompaction technology for reprocessing plastic scrap.

According to PFL chief executive, Mohd Zakiuddin, though exports will commence only in mid-October, the company has orders worth Rs 60 lakh from Germany and Hongkong.

Zakiuddin said the plant equipment, having a capacity to process 3,500 tonnes per annum, has been supplied by Condux of Germany.

He said he had opted for an 100 per cent EoU as use of garbage bags is mandatory in several advanced countries with a market size of 7.5 lakh tonnes per annum and an annual growth rate of 19 per cent.

 

PFL is entering the capital market offering 31,60,000 equity shares of Rs 10 each for cash at par aggregating Rs 3.16 crore. The issue opens on September 19.

The project has been financed with promoters' equity of Rs 2.65 crore, term loan of Rs 4.10 crore from the IDBI and the proposed public issue.