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Our Bureau

To set up special economic zone in West Bengal

Kolkata , Sept. 4

Ramsarup Industries Ltd, manufacturer of various grades of wires and TMT bars, on Monday outlined a capital expenditure plan of Rs 775 crore that would be implemented by 2010.

While Rs 375 crore would be invested in a four lakh tonnes per annum capacity wire manufacturing facility at Durgapur, Rs 150 crore has been earmarked for acquisition of a wire manufacturing facility in South or West India, Mr Ashish Jhunjhunwala, Chairman-cum-Managing Director, told newspersons after the conclusion of the company's annual general meeting held here on Monday.

Mr Jhunjhunwala said other capital expenditure proposed to be incurred by the company include an investment of Rs 29 crore and Rs 24 crore at its factories in Shyamnagar and Kalyani, respectively. The company has also proposed to set up a special economic zone in West Bengal at an estimated investment of Rs 150 crore. A proposal in this regard has been made to the West Bengal Industrial Development Corporation.

According to him, by 2010, Ramsarup Industries would have a capacity to produce six lakh tonnes of black and coated wires and 50,000 tonnes of downstream wire products. By 2010, the company hopes to generate a turnover of Rs 5,000 crore and a profit after tax of Rs 500 crore by leveraging upon opportunities in the infrastructure and power sectors.

During the year ended March 31, 2006, the company recorded a turnover of Rs 1,018.02 crore, up from Rs 877.54 crore the previous year. The profit before tax in 2005-06 stood at Rs 38.94 crore against Rs 21.09 crore in 2004-05. The profit after tax in 2005-06 was Rs 27.80 crore compared with Rs 13.67 crore the previous year.

A total dividend of Rs 2 — including interim dividend of Re 1 declared earlier — on equity shares of the face value of Rs 10 each was declared for the year gone by.

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