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Our Bureau

Mumbai , Feb 15

RADHA Madhav Corporation Ltd (RMCL) has said that its board has approved setting up a project at Pantnagar, Uttaranchal for manufacturing of pharmaceutical grade PVC sheets and coating of PVC and similar substances on the sheets. The project cost is estimated to be Rs 75 crore.

The project will be financed by way of issue of foreign currency convertible bonds (FCCBs) and warrants to select group or persons, including promoters, at a price to be determined as per SEBI guidelines.

The company's borrowing limit will be raised to Rs 200 crore and the authorised share capital would be raised from Rs 20 crore to Rs 27.5 crore.

"The board approval for the project is a step in the direction of a major expansion plan, chiefly aimed at penetrating the pharma packaging sector, to be implemented by March 2007," the company said in a release.

The Uttaranchal plant will manufacture 24,000 tonnes of calendared PVC films/sheets annually.

More Stories on : New Projects | Plastics

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