The Hindu Business Line : Kanoria Chemicals setting up Rs 150-cr unit in Vizag

Kolkata, Dec. 22 Kanoria Chemicals & Industries is setting up a Rs 150-crore manufacturing plant at Vizag, its third in the country, and is also looking at a greenfield opportunity overseas.

The Chief Financial Officer, Mr N.K. Nolkha, told Business Line that a 30-acre land was being taken up near Vizag shortly for a proposed 6,000 tonnes per annum integrated pentaerythritol project.

The company is likely to raise funds overseas through debt instruments to finance the project partially. Internal resources could take care of the balance requirement, Mr Nolkha said.

The company had earlier issued FCCBs for funding its ongoing capital expenditure programme.

Mozambique plant

Mr Nolkha also said that the company was sending a team for assessing feasibility for setting up an alkali and caustic soda manufacturing unit in Mozambique.

Kanoria Chemicals has a plant for producing pentaerythritol, a raw material for the paint industry, at Ankleshwar in Gujarat and a soda ash plant at Renukut in Uttar Pradesh.

A fledgling alumina-making industry in its immediate neighbourhood, a long coastline and relatively easy availability of hydropower has drawn the company’s interest towards the South African state of Mozambique.

Soda ash and alkali are key ingredients for conversion of bauxite into alumina.

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