HPC to tap market for new UP paper mill, to invest Rs 4600 cr
Hindustan Paper Corporation Ltd has drawn up investment plans worth Rs 4,670 crore for brownfield and greenfield expansion to augment paper and newsprint capacity to 800,000 tonnes a year by 2012.
By PTI |
KOLKATA: Hindustan Paper Corporation Ltd has drawn up investment plans worth Rs 4,670 crore for brownfield and greenfield expansion to augment paper and newsprint capacity to 800,000 tonnes a year by 2012.
"The investment would be carried out in four mills including two subsidiary mills of HPC for modernisation and capacity agumentation. We would promote one greenfield paper mill in UP which will be the largest single location in the country,'' HPC chairman and managing director Raji Philip said here today while announcing the annual results of the company.
Speaking about the greenfield plant in Uttar Pradesh, HPC director (finance) said the company has floated a new special purpose vehicle, Jagdispur Paper Mills Ltd, in which the company would hold 51 per cent.
"We are planning to tap capital market to finance the Rs 2742 crore paper project in UP that has already been cleared by the government," Philip said.
However, the company was waiting for the right time to stabilize the market conditions before it would hit the market.
The 3,00,000 tonne capacity project would be financed through a debt equity ratio of 1:2, Philip said.
"The investment would be carried out in four mills including two subsidiary mills of HPC for modernisation and capacity agumentation. We would promote one greenfield paper mill in UP which will be the largest single location in the country,'' HPC chairman and managing director Raji Philip said here today while announcing the annual results of the company.
Speaking about the greenfield plant in Uttar Pradesh, HPC director (finance) said the company has floated a new special purpose vehicle, Jagdispur Paper Mills Ltd, in which the company would hold 51 per cent.
"We are planning to tap capital market to finance the Rs 2742 crore paper project in UP that has already been cleared by the government," Philip said.
However, the company was waiting for the right time to stabilize the market conditions before it would hit the market.
The 3,00,000 tonne capacity project would be financed through a debt equity ratio of 1:2, Philip said.
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