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Phillips Carbon plans FCCB issue to fund power project

Our Bureau

Kolkata , July 29

PHILLIPS Carbon Black Ltd is planning to raise approximately Rs 105 crore through foreign currency convertible bonds (FCCB) to fund its proposed 35-MW power plant adjoining its Durgapur factory.

According to Mr Sanjiv Goenka, Vice-Chairman, the company will focus more on power projects. It has already set up a 15-MW power plant at its Baroda plant.

"During the next five years we would like to increase our carbon black production to five lakh tonnes per annum and power to 100 MW. The ideal model is to have a 15-MW along with a 70,000-tonne carbon black plant," Mr Goenka said.

Sources in the company confirmed that approximately such an amount would be raised. He, however, added that the instrument is not yet finalised but FCCB is certainly an option. At the company's annual general meeting on Friday a special resolution was passed enabling the management to raise $50 million.

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