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Phillips Carbon Black Ltd (PCBL) is looking to invest ₹500-600 crore in a 1,20,000 tonne capacity greenfield project.
According to Sanjiv Goenka, Group Chairman, the plant is likely to come up in South India.
“Andhra Pradesh, Tamil Nadu and Telangana are among the States under consideration for the new unit. The site will be finalised over the next few months,” Goenka said at a press conference here on Tuesday.
Phillips Carbon has an installed capacity of 4,80,000 tonnes across its four plants at Durgapur, Kochi, Mundra and Palej.
The company also plans to invest ₹300 crore for adding 80,000 tonnes per annum at Palej and Mundra in Gujarat. The expansion would be complete by FY-19, he said.
PCBL posted over four-fold rise in net profit to ₹51 crore for the quarter ended September 30, 2017, against ₹12 crore in the same period last year.
The profit surge came on the back of higher sales and better capacity utilisation, he said.
Capacity utilisation improved to 96 per cent (94 per cent).
Revenues grew to ₹601 crore during the quarter under review compared with ₹514 crore in the same period last year.
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