Jindal Polyester charts 1.50 B expansion plan
Tuesday, 19 November 2002, 08:00 Hrs
NEW DELHI: Jindal Polyester Ltd., a part of the 11-billion privately owned BC Jindal group, Monday announced plans to invest 1.50 billion to upgrade operations at its facility located in Nasik. As part of the expansion strategy, Jindal Polyester would set up a new polyester film line, with a capacity to produce 29,000 million tonnes per annum, said a company statement issued here. The company would use an equal mix of debt and equity, with the equity being generated through internal accruals, for raising 1.50-billion for the expansion project. With this expansion, the total capacity of Jindal Polyester would increase to 65,000 million tonnes per annum, making it the fifth largest producer of polyester film in the world and the largest in India, the company said. The company said 50 percent of its production would be earmarked for the international market while the balance would be for the domestic market. The plant is expected to commence production by November next year. "Our state-of-the art technology will enable us to lower the cost of production significantly, thereby offering a major price advantage to our clients," said S.K. Mittal, managing director of Jindal Polyester.