Business Daily from THE HINDU group of publications
Saturday, Mar 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 22, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Aries Agro setting up plant in Sharjah Jayanta Mallick Kolkata, March 21 Aries Agro, the country’s largest micro-nutrient manufacturer, will have an overseas unit with a capacity of 10,400 tonnes per annum commissioned in Sharjah next month. This is being set up as a 75 per cent subsidiary of Aries – called Gold Harvest – with a few co-promoters. Aries has invested Rs 7.5 crore for the unit, Mr S. Ramamurthy, CFO of Aries, said today. Gold Harvest, in turn, is investing Rs 2 crore to pick up 25 per cent stake in Mapco Fertiliser, an UAE domiciled company. Mapco produces soluble NPKS. At home, Aries will commission its second 32,000-tpa unit at Hyderabad on March 24. Dr Rahul Mirchandani, Executive Director of the company, told Business Line that the Rs 2.5-crore fully automated production facility would take the total production capacity to 53,000 tpa and place Aries way above other producers of micronutrients in the country. The company has currently four units located in Mumbai, Bangalore, Hyderabad and Kolkata. The new Hyderabad unit is the first among four planned additional facilities. According to Dr Mirchandani, a 12,000-tpa unit at Lucknow would be next in line for commissioning, some time around June. Two other units are coming up in Mumbai and Ahmedabad. “Plant erection work is on for the three upcoming units. We expect to commission them by September-end.” The total production capacity of Aries after commissioning of these three units would go up to 1 lakh tpa. Aries Agro was listed on the NSE and the BSE on January 11. ICICI Mutual Fund along with Prudential Asset Management Singapore Ltd had picked up 2.78 per cent stake in Aries through the IPO. More Stories on : Overseas Investments | Fertilisers
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