Financial Daily from THE HINDU group of publications
Wednesday, Oct 09, 2002
Financial Daily from THE HINDU group of publications Wednesday, Oct 09, 2002 |
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Corporate
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Outlook BILT Chem is now Solaris ChemTech — Aims at Rs 500-cr turnover by 2005 Our Bureau
Mr B. Hariharan, Finance Director, Ballarpur Industries Ltd (left), with Mr Manoj Dutt, Managing Director, Solaris ChemTech Ltd, at a press conference in the Capital on Tuesday.
NEW DELHI, Oct. 8 BREAKING away from the "BILT mould", the Rs 250-crore BILT Chemicals Ltd, part of the B.M. Thapar group, on Tuesday unveiled a new corporate identity that would help the company achieve an ambitious growth agenda for the coming years. "BILT Chemicals Ltd will now be called Solaris ChemTech Ltd. We have been evolving since the days we existed as a division of BILT and then became a company on our own. Our focus is now on a global horizon and we want to create our own space in the global chemical industry. We have realised that our ambitious growth agenda requires a new identity. This has prompted us to shed the BILT tag," Mr Manoj Dutt, Managing Director, Solaris ChemTech Ltd, told presspersons here. Elaborating on the genesis of the new name, Mr Dutt said that solar energy is a critical input for all the raw materials needed for the company's business lines. He also said that `ChemTech' stands for chemical technology, which will be the bedrock of growth for the company in future. Solaris ChemTech aims to achieve a turnover of Rs 500 crore by 2005 on the back of increased focus on Bromine Chemicals and Biochemical (Citric Acid). The company's products can be basically segregated into four segments — phosphates, chlor alkali, bromine and bromine chemicals and biochemical: citric acid. It has four manufacturing units in Karwar, Khavda, Singach and Baroda. Mr Dutt said that the company would work towards increased exports of citric acid from the country in the coming years. "We have a citric acid plant that has a capacity of 25,000 tonnes per annum. Our effort would be to export two-third of our production in the coming years. In the current financial year, we hope to export about 8,000 tonnes of citric acid. We are on the verge of entering into a contract for supplies of citric acid to Coca Cola and Cadbury Schweppes in Swaziland," he said. The company plans to manufacture value-added citrates in the coming months at its existing facility near Baroda. Citric acid is currently being manufactured at this facility. Mr Dutt said that the company had no immediate plans to go in for an initial public offering. Even though there are no immediate acquisition deals in the offing. He said that Solaris ChemTech was open to all "good acquisition offers" in the businesses of company's interest.
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