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Kohinoor Mandal

Kolkata , April 20

DUNCANS Industries Ltd, the flagship company of the G.P. Goenka group, hopes to reopen its fertiliser unit at Panki near Kanpur in July.

Once the reopening process starts, the company will initiate the exercise of finalising its accounts too. For the last three years it has not finalised the accounts. As of now, Duncans Industries hopes to have a complete balance-sheet by June-July.

According to Mr Goenka, the reopening of the unit, closed for almost three years now, , hinges on an "extra funding" of Rs 62 crore from a consortium of banks. It is a part of the CDR (corporate debt restructuring) package.

"I hope to receive this money within the next two weeks. After that we need another four to six weeks to refurbish and reopen the plant. So everything depends on that money, but my assessment is that it would come by the end of April," Mr Goenka told Business Line.

SBI Caps has worked out the debt-restructuring package of Duncans Industries. The company also expects to the power connection to be restored by the end of April or some time in the beginning of May, Mr Goenka said.

Meanwhile, Mr Goenka has already infused Rs 15 crore into the company. In the first tranche, he invested Rs 12.5 crore and followed it up with another Rs 2.5 crore as a part of the promoters' capital infusion.

He is supposed to put in another Rs 10 crore but it has been held back for some time.

"All these terms and conditions were set in the CDR. I am going exactly by that route. The rest Rs 10 crore would be utilised in paying off some dues, including that of IOC's," he said.

However, the fertiliser unit, which was famous for its Chand Chhap brand name, is still fighting in the Supreme Court a battle with the Union Government over the retention price mechanism scheme.

On the finalisation of accounts, he said it would take some time but the work would start immediately.

"It is also on our agenda. The fact is that to close three years' accounts would take time but it would be carried out simultaneously," he said.

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