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IPCL sets sales target at Rs 4,400 cr

Our Bureau

AHMEDABAD, March 30

INDIAN Petrochemicals Corporation Ltd (IPCL) has set itself a sales target of around Rs. 4,400 crores, up 10 per cent from the target it had set itself in the previous year.

While IPCL is poised to close the current fiscal with a turnover of Rs. 4,000 crores, it has projected that it would be crossing the sales figure of Rs. 5,000 crores in the next fiscal provided the international prices of petrochemical products do not ta ke a severe tumble.

A statement from the company said the MoU was signed in New Delhi by Mr. Arvind Varma, Secretary, Department of Chemicals and Petrochemicals and Mr. Ashok Chawla, Chairman and Managing Director, IPCL. ``Pursuant to commissioning of all phase I and II pro jects of the Gandhar complex, the MoU production and sales targets for 2000-2001 have been set at 10 per cent higher than that in the previous year. In order to secure a steady stream of export earnings as strategy for growth, the MoU lays thrust on expo rts and has assigned it appropriate weightage,'' the statement said.

It is understood that last year's production target was in the range of 1.1 million tonnes, which the petrochemicals company has more or less achieved. The Bureau of Public Enterprises rates the various PSUs in the country according to the enhanced targe ts they set themselves and their realisation each year. IPCL was rated `very good' last year, one grade below the `excellent' it got in the previous year.