Vikas WSP plans to fund Rs 700 crore for 3 projects

Mumbai, Jun 16 (UNI) Vikas WSP Limited has announced its plans to invest a fund of Rs 700 crore for its existing agro-based project and two new projects within a period of three years.

Speaking to mediapersons, the Company's Managing Director B D Agarwal said, ''The first project, which is the Agro Food Park project, would cost around Rs 52 crore and is expected to commence production by 2009-10 at Sriganaganagar in Rajasthan. The second project of RIICO Industries, situated at Bikaner, would cost around Rs 202 crore and is also expected to commence production by 2009-10, while the third project, which involves production of Guar derivatives for Oil and Gas, would cost around Rs 377 crore and is expected to start production by 2010-11 at Savli, Baroda.

The Company would receive Rs 225 crore from preferential shares allotment and Rs three crore from internally accumulated fund for this purpose, he said.

''The Company's turnover was at Rs 305.30 crore and net profit was at Rs 50.32 crore during the year ended March 31, 2007 against Rs 239.63 crore for sales turnover and net profit at Rs 41.97 crore in the previous year 2006-07,'' Mr Agarwal said.

UNI AR SR AG1810