National

`PPL will make profits from end of 2004'

By Our Staff Reporter

BHUBANESWAR MARCH 2. The Zuari-Maroc joint venture, which formally took charge of the management of the Paradeep Phosphates Limited (PPL) on Thursday, is confident that the company will start making profits from end of 2004.

The erstwhile public sector undertaking had never made money till the Centre sold 74 per cent of its shares to the joint venture of the K.K. Birla Group's Zuari Industries Limited and the Maroc Phosphore of Morocco last month for a sum of Rs. 151.07 crores.

Addressing presspersons on Friday evening, the new managing director of the PPL, K.K. Gupta, said that they will make an additional investment of Rs. 200 crores over the next two years to increase the efficiency of the plant and diversify the products. About the reasons behind the PPL not making profits all these years, Mr. Gupta said the company never had a well-planned management system and it did not have products when the market needed them. Good management was the answer to PPL's problems, he added.

Mr. Gupta, who took charge of his new office on Friday, said that the aim of the new management would be to revive the company without resorting to retrenchment of employees. The existing work force will be redeployed in order to get the best out of them.

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