Orient Paper to invest Rs 410cr for expansion

By Staff
|
Google Oneindia News

New Delhi, Jan 30 (UNI) Orient Paper and Industries Ltd today said it will invest Rs 410 crore to expand cement and power capacity at its two plants in Andhra Pradesh and Maharashtra.

The company's cement capacity would be enhanced to five million tonnes per annum (MTPA) at Devapur (Andhra Pradesh) and Jalgaon (Maharashtra) from 3.4 MTPA.

The power plant capacity will be ramped up to 50 megawatts from the current 30 megawatts at its captive thermal plant at Devapur, the company said in a statement.

''The expansion plans will be funded mostly through internal accruals, supplemented by some debt, if required,'' Orient Paper Managing Director M L Pachisia said.

Meanwhile, the company posted a jump of 640 per cent in its net profit at Rs 36.55 crore for the third quarter ended December 2006, as compared to Rs 5.68 crore during the corresponding period last year.

It reported an increase of over 30 per cent in its turnover for the said quarter from Rs 206 crore in Q3FY06 to Rs 270 crore i Q3FY07.

The company had earlier announced plans to raise up to Rs 175 crore through a rights issue and has already submitted its DRHP with SEBI.

UNI

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