Bajaj Hindusthan sets up Rs 240 cr subsidiary

New Delhi, Aug 4 (UNI) Sugar and ethanol company Bajaj Hindusthan Ltd (BHL) today said it has set up a wholly-owned subsidiary with an investment of Rs 240 crore, to implement its Medium Density Fibre Board (MDF) and Particle Board (PB) project.

The MDF/PB will use the bagasse generated by the company and will be a significant value addition, a company statement said.

The project is likely to be completed within 15 months.

Bajaj Hindusthan, through this subsidiary, plans to have a substantial market share in the value added MDF and PB segment upon the completion of the project.

Bajaj Hindusthan posted a 21 per cent increase in net profit at Rs 63.9 crore for the third quarter ended June 30, 2006 against Rs 53 crore for the corresponding quarter last year.

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