Financial Daily from THE HINDU group of publications
Saturday, Oct 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 29, 2005 |
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Corporate
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Announcements Manali Petro to set up two biomass-based power plants M. Ramesh
Chennai , Oct. 28 MANALI Petrochemicals Ltd plans to put up two biomass-fired power plants of 2.5 MW capacity each, one at each of its plants in Manali, near Chennai. The Managing Director of the company, Mr G. Ramachandran, told Business Line today that the company hoped to do the bhoomi puja for the plant by January and complete the project by April 2007. The project is estimated to cost Rs 41 crore. In September, the company wiped off its accumulated losses of Rs 35.32 crore, by a restructure scheme. The scheme envisaged reducing the company's share capital by a fourth. Thereby, the face value of each share of Rs 10 was diminished to Rs 7.5. It also brought down the paid-up capital by Rs 28.66 crore. This, and an amount of Rs 6.66 crore of the share premium account, were set off against the accumulated losses. Thus, Manali Petrochemicals became a company with no accumulated losses. "Now, it is easy for us to raise funds from the market," Mr Ramachandran said, adding that the company intended to go in for a rating. Manali Petrochemicals, which manufactures polyols and polyureathene, reported a net profit of Rs 19.86 crore for the first half of the current year, compared with Rs 2.17 crore in the same period last year. Mr Ramachandran said the company had been able to reduce costs with tighter controls on inventory and reduction in workforce. This enabled the company to offer prices competitive to imports.
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