The Hindu Business Line : Mangalore Chemicals to set up met coke unit

Mangalore Chemicals and Fertilizers (MCF) Ltd will set up a metallurgical coke manufacturing facility of 4.5 lakh tonne per annum capacity at its existing plant site in Mangalore.

A press release said here that the company is setting up the facility to improve overall profitability and to reduce total dependence on fertiliser policies of the Union Government.

The Rs 315-crore project is being funded with debt-equity of 2:1. The Shriram group of Chennai is taking 45 per cent of the equity in the new company, to be set up to undertake the project.

The release said that the technology being adopted at the facility includes co-generation of steam and power to be integrated with the fertiliser complex.

The metallurgical coke plant, along with co-gen power complex, is being put up with the technology and operating experience offered by the Shanxi Provincial Chemical Design Institute at Taiyuan in China. The technology is licensed through the Beijing Sino Steel Industry and Trade Group Corporation.

Work on the project will commence soon, the release said.

Profits up: The company posted a profit before tax of Rs 9.73 crore for the third quarter of the current financial year compared with Rs 6.48 crore in the corresponding period of the previous year, showing a growth of 50 per cent. It registered a net profit of Rs 25.38 crore in the first nine months of the current fiscal compared to Rs 13.23 crore in the corresponding period of the previous year.

In the third quarter, the company registered a turnover of Rs 252.19 crore compared to Rs 179.86 crore in the corresponding period of the previous year, showing a growth of 40 per cent. In the first nine months of the current fiscal it registered a turnover of Rs 690.25 crore compared to Rs 463.20 crore in the corresponding period of the previous year.

The company attributed this performance to improved operations and control over costs. There has been a significant increase in production and sales volumes of phosphatics consequent to the good monsoons this year throughout its marketing territory, the release added.

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