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Vedanta Group company Sterlite Copper has lined up investments of about Rs 3,300 crore over the next two years which includes expansion of copper smelter and power plants at Tuticorin in Tamil Nadu and setting up a new desalination plant in the region.
“Expansion of our plant is on the cards. It is actually a Brownfield expansion activity. We have planned to double our capacity of copper smelters to eight lakh tonnes at our plant (in Tuticorin)..”, P Ramnath, Chief Executive Officer, Sterlite Copper - Vedanta Group company, said at a seminar on “Opportunities and Challenges in Manufacturing Sector”, organised by the CII.
With the expansion activity, he said the company would increase the job creation in the locality from the present 3,500 to 5,500 people and indirect jobs of 20,000 to 35,000 people over the next two years.
Ramnath later said funding for the Brownfield expansion would be raised through “internal accruals”.
“The current capacity of our plant at Tuticorin is 4,00,000 tonnes per annum. Once the zero date is fixed, it will take two years time to complete the project”, he said.
He said the expansion would happen in its 400 acre facility at Tuticorin.
On the 160MW power plant, he said the investment made into it was Rs 600 crore and the first unit with a capacity of 80 MW was already operational.
“We have already connected 15 MW to the Grid”, he said, adding the second unit is expected to commence operations ‘shortly’.
On setting up of a desalination plant, he said it would be of 10 million litres per day (MLD) capacity and would be established at an investment of about Rs 200 crore.
“It will take two years time (for completion). The funds will be raised through internal accruals. Yes, the contract has already been awarded to Larsen and Toubro. This plant will come in Tuticorin itself”, he answered to a query.
Asked about the company’s revenues, he said Sterlite Copper is expected to complete this financial year with revenues of Rs 19,000 crore compared to last year’s Rs 18,000 crore.
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