TPL to produce one lakh tonnes of paraffin

Chennai, June 13: Tamil Nadu Petroproducts Limited (TPL) is planning to produce one lakh tonnes of paraffin in its Singapore subsidiary by setting up a USD 110 million plant in that country.

Of the total production, 50,000 would be imported into edbIndia by the subsidiary firm and the remaining would be sold in the open market, company officials said here today.

The Kuwait Finance House and Singapore's Economic Development Board would hold 44 per cent and 5 per cent stake respectively in the company.

The relevant papers in this regard were signed in Singapore on June four, the sources added.

UNI