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Chemicals player, Meghmani Finechem Ltd (MFL) plans to invest Rs 400 crore towards expansion of existing projects and a new project of hydrogen peroxide at its facility in Dahej. MFL is 57 per cent owned by Meghmani Organics Ltd.
The company plans to meet funding for the projects through internal accruals and will commission the plant by June 30, 2019. Post-commissioning of the project, MFL expects to increase its turnover to Rs 300 crore in the full financial year 2020-21.
"MFL in line with the company's strategic intent of expanding its chemicals business is considering a proposal to set up a Hydrogen Peroxide (50 per cent) project of 15 tonnes per day. It is planning to increase the production capacity of caustic by 50 per cent or by 240 TPD by using Zero Gap Membrane Cell Technology," a company statement said here.
Hydrogen Peroxide will be the new product addition to the company's manufacturing portfolio.
In order to operate the additional capacities of Hydrogen and Caustic, the company is also planning to increase its captive power plant capacity from 60 megawatt to 90 megawatt.
Meghmani Organics shares traded positive on the National Stock Exchange (NSE), closing at Rs 39.90 on Tuesday.
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