Financial Daily from THE HINDU group of publications
Wednesday, Aug 17, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 17, 2005 |
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Corporate
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New Projects ITC to invest Rs 2,500 cr in ECF paper plant Our Bureau
New Delhi , Aug. 16 ITC Ltd plans to invest Rs 2,500 crore during the next two-three years towards putting up a greenfield Elemental Chlorine-Free (ECF) pulp and paper plant which would increase its annual paper and paperboard manufacturing capacity to 5.5 lakh tonne, a top company official said today. "We are in the final stages of the ECF project and are looking for a site location for the plant in Andhra Pradesh, Gujarat and Maharashtra," Mr Pradeep Dhobale, Chief Executive, ITC Paperboards and Speciality Papers (PSP) Division, said. The final decision regarding the two-lakh tonne ECF plant location would be taken in a month's time, he said. Mr Dhobale said the ECF plant would be developed as an integrated pulp and paper mill with an investment of Rs 2,500 crore over the next two-three years. ITC has invested about Rs 750 crore in the PSP division till now. ITC's paper division had a turnover of Rs 1,500 crore with profit margin of Rs 250 crore in the last fiscal. The division has four production units across the country that produces a range of paper, paperboards and ECF materials. At present, the division has a production capacity of 3.5 lakh tonne for paper and about 1 lakh tonne for ECF paper materials. "With the new ECF plant, total production capacity would cross 5.5 lakh tonne in the near future," Mr Dhobale said. Ruling out any overseas expansion for capacity addition, Mr Dhobale said: "We are open to the idea of acquiring capacities domestically". Meanwhile, ITC today announced that Bikanervala Foods has become the first sweetmeat brand to switch over to ITC's ECF packaging material in the country. The company is focussing on FMCG, foods, pharma and textile industries as fast growing segments for its ECF range of value-added products.
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