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Sunday, Apr 10, 2005

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Sirpur Paper plans Rs 294-cr expansion

Our Bureau

Mumbai , April 9

SIRPUR Paper Mills Ltd, an integrated pulp and paper manufacturing company, has embarked upon a Rs 294-crore expansion and modernisation programme.

Mr Devashish Poddar, Executive Director, said after the expansion the company's installed capacity would increase by about 66 per cent to touch 1.28 lakh tonnes per annum.

"The expansion and modernisation, which will be wrapped up by September 2006, would result in improved product mix and higher operational efficiency," he told presspersons here on Wednesday.

To part-finance this project, Sirpur Paper has offered 66.72 lakh equity shares of Rs 10 each for cash at a premium of Rs 80 per share, aggregating Rs 60.05 crore on a rights basis to the existing shareholders. The rights offer is made in the ratio of 4:5.

The modernisation programme includes a new paper machine to produce higher quantities of superior grade paper and a new chemical recovery boiler and evaporator.

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