Date:22/07/2006 URL: http://www.thehindubusinessline.com/2006/07/22/stories/2006072203140200.htm

Back Phillips Carbon plans base outside India

Our Bureau

Kolkata, July 21

Phillips Carbon Black is planning to have a base outside India. This could be by way of a Greenfield project or an acquisition in any country where the company currently has its exports, such as Japan, Sri Lanka, Indonesia, Vietnam and Turkey. A firm decision in this regard would be taken within the next 6-9 months, company sources told newspersons after the company's 45th annual general meeting held here on Friday.

The sources said the company had firmed up plans to set up a 30 MW power plant in Durgapur at an estimated investment of Rs 110 crore. Financial closure in respect of the project would be over by September 2006 even as power generation from the proposed project was expected to commence by mid-2008.

During the year ended March 31,2006, Phillips Carbon Black recorded gross sales of Rs 825.50 crore against Rs 1,031.72 crore in the previous 18-month period. In 2005-06, the company recorded a net loss of Rs 150.72 crore. The loss has been attributed to a "sharp rise and continuous high volatility in feedstock prices". The exchange fluctuation is also stated to have had an adverse impact on the profitability of the company. The sources said the company was hopeful of recording a turnover of Rs 1,000 crore in the current fiscal.