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Alka Kshirsagar

Expects to add more revenue thru new line of biz

Pune June 16 PVC resin and pipe manufacturer Finolex Industries Ltd is proposing to enter into tank terminalling at Ratnagiri and expects to add revenues of Rs 100 crore through the new line of business.

To prepare for this, a breakwater is being constructed at the company's existing jetty at Ratnagiri to make it an all weather port, and the Rs 160-crore project, that is being undertaken by Afcons is expected to be complete in a year.

Elaborating upon the new line of business, Mr S.S. Dhanokar, Assistant Managing Director and Chief Operating Officer, said liquids such as edible oils and speciality chemicals required for the pharmaceutical industry were among the products that could be stored at the tank terminal.

Talks are underway with a partner to manage and operate the terminal, he added.

The company uses the jetty to offload raw materials and coal for its captive power plant at Ratnagiri in addition to LPG for BPCL, a business that adds Rs 15 crore to its revenues.

Recently, it has also introduced trading in methanol sourced from Qatar, used as a solvent by pharma companies, and is planning to add more products to this list in the next two years.

Currently the PVC resin business accounts for around Rs 900 crore of the Finolex Industries' top-line while the pipes business adds around 500 crore to it. The company is targeting a growth of 20 per cent during this fiscal.

More Stories on : Diversification | Plastics | Shipping

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