Balaji Amines Limited, a manufacturer of speciality chemicals, is expanding its manufacturing facilities in Solapur (Maharashtra). It is also implementing a Rs 40-crore hotel project in the fast growing city.

The company is investing Rs 70 crore in expanding its Methyl Amines, Di-Methyl Amine Hydrochloride and Dimethyl Formamide facilities. All these ingredients are used in the pharma and drug industry. The State Bank of Hyderabad is funding upto Rs 48 crore, while the rest being ploughed in from internal accruals, said Mr G. Hemanth Reddy, its Director.

While the methyl amines unit with 100 tonnes a day capacity is expected to be operational from February 2012, the di-methyl amine (70 tonnes a day) and formamide (36 tonnes a day) units will be ready in the next financial year 2012-13, he told Business Line here today.

The Rs 385-crore turnover company is also setting up a 50-tonne a day plant to manufacture N-Methyl-2-Pyrrolidone, a water soluble, bio-degradable solvent used in the pharma industry. It is the only manufacturer in India and among the four in the world, Mr Reddy said.

Hotel Project

Balaji Amines has tied up with the Sarovar Group of Hotels to build a star hotel with an investment of Rs 40 crore. The 120-room property is being developed with the Bank of Baroda financing up to Rs 25 crore and the company putting in the rest. It is coming up on the company's own land ( three and half acres) in Solapur.

The city, which is 250 km from Pune and 300 km from Hyderabad, is seeing accelerated development with the NTPC setting up a large power plant; agri institutes and agri-export zone and industries too are coming up. “With hardly any major hotel, we thought we could take advantage as an early bird in the sector. Further, having bought land several years ago, the project was comparatively economical,” Mr Reddy said. The hotel project name Balaji Sarovar Premier would be ready by March 2013.

Related Topics
comment COMMENT NOW