Financial Daily from THE HINDU group of publications
Tuesday, Sep 14, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 14, 2004 |
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Corporate
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New Projects Vizag-Kakinada belt to be industrialised: CM Transworld Garnet plant inaugurated Our Bureau
Visakhapatnam , Sept. 13 THE State Government is committed to providing all support to entrepreneurs and industrialists for setting up units in the State and the industry should make full use of it, the Chief Minister, Dr Y.S Rajasekhara Reddy, has said. He was speaking at a function after inaugurating the wet gravity plant of Transworld Garnet India Pvt Ltd at Achannapalem village and garnet processing facility at Yellapeta village in the Gara mandal of Srikakulam district on Sunday evening. The Chief Minister toured the villages of Srikakulam district on Sunday as a part of `Rajiv palle bata' programme. He said his Government had ambitious plans to develop the zone between Visakhapatnam and Kakinada as an industrial corridor and the two other north-coastal districts of Srikakulam and Vizianagaram would be included in the plans. Mr Srinivasan, Chairman and Managing Director of the company, said the plants would provide employment directly to 800 persons and indirectly to 800 more. The units, set up at a cost of Rs 50 crore, would contribute greatly to the development of the region. He said Transworld Garnet India (TGI) was a subsidiary of WGI Heavy Minerals Inc, Canada, which had set up a 100 per cent export-processing unit at Tuticorin in 1996 for processing heavy mineral sands to recover garnet and upgrade it to 98.5-99 per cent purity before export. He said the TGI was producing eight grades (mesh sizes) of almandine garnet for different market segments such as abrasive blasting (surface preparation), water jet cutting and water filtration. It was the first company to have secured ISO 9001 certification for garnet. Mr Srinivasan said the company had a market share of 35 per cent in the total exports of garnet from the country and it had, so far, earned Rs 82 crore in foreign exchange. He said the company had ambitious plans for Srikakulam too and the Canadian principal had expressed willingness to spend up to Rs 200 crore in the subsequent phases of expansion.
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