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Wednesday, Mar 02, 2005

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Dwarikesh Sugar plans FCCB issue to raise $25 m

Our Bureau

Mumbai , March 1

THE board of directors of Dwarikesh Sugar Industries Ltd, at a meeting on Monday, approved the convening of an EGM to obtain sanction for issue of foreign currency convertible bonds amounting to $25 million.

"Apart from the ongoing expansion plan, the company is planning to set up another greenfield project or may go for fresh acquisition at the later stage," Mr G.R. Morarka, Chairman & Managing Director, told Business Line.

The board also approved increase in investment limit to 49 per cent in the equity shares of the company by FIIs, NRIs, OCBs, etc.

The company has announced its Rs 125-crore expansion plans to set up a 5,500 tonnes crushed per day greenfield project at Bahadarpur in Bijnor district, Uttar Pradesh.

The capital outlay for current expansion is Rs 110 crore, for which funding arrangements are at the final stage.

"The progress of the new project is also satisfactory. Orders for all plant and machinery have been placed; civil work has commenced in full swing and cane development activities have been initiated."

The plant is expected to be commissioned in November 2005 in preparation for the next crushing season of 2005-06.

The existing plant at Dwarikesh Nagar is operating at full capacity and is achieving one of the highest on date recoveries in Uttar Pradesh.

The increased capacity of co-generation of 17 MW (9 MW for captive consumption and up to 8 MW for sales to UPPCL) and 30 klpd distillery plant have also commenced production and are running to their capacity.

"The sugar, molasses and bagasse prices continue to show a firm trend," he said.

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