Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Corporate
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New Projects Birla Corp to set up captive power plant for cement units Our Bureau
Kolkata , Aug. 28 BIRLA Corporation, a M.P. Birla group outfit, has planned to set up a 52 MW captive power plant for its cement units at a cost of Rs 165 crore. Mr R.S. Lodha, co-chairman of the company, told newspersons after the company's AGM here on Thursday that the project would be funded through borrowings and internal accruals. The company is also considering capacity expansion at its Durgapur cement plant in West Bengal. "However, the investment decision for this would depend on the incentive package provided by the State Government," Mr Lodha added. Replying to queries, he said that the management has not yet made up its mind on closing down unviable divisions. Apart from cement, the company has divisions for auto trims, synthetics and cotton yarn, jute goods, PVC items, carbide & gases and VSF. The synthetic and cotton yarn, VSF, PVC and carbide and gases businesses have contributed less than 1 per cent of the total sales during 2002-03. The cement business, which accounts for 89 per cent of the company's turnover during 2002-03, is also facing steep competition, he admitted.
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