Business Daily from THE HINDU group of publications
Friday, Oct 06, 2006
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Business Daily from THE HINDU group of publications Friday, Oct 06, 2006 ePaper |
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Corporate
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Outlook Carborundum new plant may seek SEZ status Our Bureau
Chennai , Oct 5 Carborundum Universal, which has inaugurated its Rs 50-crore plant at Sriperumbudur for producing coated abrasives, plans to apply for a SEZ status for the plant. The new plant is spread over 22.5 acres, just 2.5 acres short of the qualifying 25 acres for single-product SEZ status. Such a status would give the plant a number of fiscal benefits, notably a 10-year income-tax holiday. "We are looking at it," Mr K. Srinivasan, Managing Director, told newspersons. The plant can produce 15 million sq m of coated abrasives, which are used for surface polishing. The capacity of the new plant is as much as the existing national capacity for coated abrasives today. At least 50 per cent of the production is to be exported. The Chairman, Mr M.M. Murugappan, said that one of the four other coated abrasives units of the company, the one at Pallikaranai in Chennai, which became part of the company through the takeover of Cutfast Abrasives in 1996, would be closed down. Carborundum would then be left with an effective capacity of about 20 million sq m of coated abrasives, Mr Srinivasan said.
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