Date:06/05/2005 URL: http://www.thehindubusinessline.com/2005/05/06/stories/2005050601570200.htm

Back Solaris Chemtech to invest Rs 120 cr in new plants

Our Bureau

New Delhi , May 5

SOLARIS Chemtech, a Rs 250-crore Thapar Group company, on Thursday announced an investment of Rs 120 crore to increase production of its niche chemical products bromine and speciality bromine.

Towards this, it is commissioning two bromine plants at Khavda in the Rann of Kutch.

Bromine is used in the agro-chemical and pharma industry in the country and Solaris has a 60 per cent share of the domestic liquid bromine market.

The niche bromine business of the company clocks Rs 50 crore of the business and with the new plant, it hopes to grow this business to Rs 200 crore by 2008, while it is targeting an overall turnover of Rs 500 crore by the same year.

Solaris Chemtech also sees scope in exporting this commodity in the future to China, Korea, Taiwan, Malaysia, Singapore and Thailand, where bromide is largely used as a flame retardant, especially in the of hardware durables.

"Right now only 10 per cent of our business is in the export category, but in the future we hope to compete with global players in this segment," said Mr Manoj Dutt, Managing Director of the company.

Solaris Chemtech also hopes to go in for a public offering by 2008. Right now its investment is to be funded through a combination of debt and internal accruals.