Financial Daily from THE HINDU group of publications
Thursday, Dec 15, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 15, 2005 |
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Corporate
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New Projects IFC may fund PSL's Rs 540-cr project M. Ramesh
Chennai , Dec. 14 IFC, Washington, the World Bank arm for corporate funding, is considering "possible cooperation with the company to finance" part of PSL Ltd's Rs 540-crore, multiple location expansion projects. Asked for more information, Mr Ashok Punj, Managing Director, PSL Ltd, told Business Line today that all details relating to IFC's involvement with the projects would be announced after a board meeting on Thursday. While IFC's Web site speaks of projects in seven locations in the country, Mr Punj said that some of the projects could be overseas subsidiaries also. PSL Ltd, which achieved a turnover of Rs 1,440 crore last year, manufactures `helical submerged arc welded' pipes for oil, gas and water transmission. The company announced to the stock exchange of an impending board meeting to consider "various expansion plans and the ways and means of raising funds". The project includes the setting up of two-stage welding process pipe mills. This new technology will enable the mill to produce at more than two times the speed of a conventional spiral pipe mill. The successful implementation of the project will increase the efficiency of the company. "This new technology will require the company's workers to upgrade their technical skill levels and will have a demonstration effect on other medium-sized companies," says IFC. IFC sees its primary role in being able to "provide long term capital to and assisting in completing the company's balance sheet restructuring" and making PSL Ltd "more attractive to local and international customers and investors."
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