The government today said a value-added plant may be set up on the 500 acre vacant land of Hindustan Organic Chemicals complex at Rasayani in Raigad district of Maharashtra.
Hindustan Organic Chemicals (HOC), a loss-making public sector company, was given a revival of package of Rs 250 crore six months back. HOC has another unit located in Koch, which is making profit.
"We want to use the 500 acre unidolised land in the 1,000 plus acre campus for producing value-added products," Union Chemicals and Fertilisers Minister Ram Vilas Paswan said during his visit to the HOC complex here today.
HOC complex is spread over 1,061 acre in the Raigad district, 50 kilometres from Mumbai.
HOC is planning to produce Speciality Chemicals and has invited expression of interest from private parties for a joint venture.
"We have got some encouraging responses for Expression of Interest invited," HOC's Chairman and Managing Director Arvind S Didolkar said while talking about company's plan to move towards manufacturing of Speciality Chemicals from Commodity Chemicals.
The company's Raigad-based unit is making a loss of around Rs 50 crore per annum, but after the revival package, it is expected to make profit in another 3-4 years.
"The Company has retired all the high cost debt and now we have also started the physical restructuring, which will be completed by 2010-11," Didolkar said.
No comments:
Post a Comment