Firstly, the company has proposed the capacity to be expanded initially to 46,000 MT to be completed in 18-21 months and then by another 24,000 MT thereafter.
MPL said that the entire project will be handled in-house by redesigning the current facilities to ensure cost-effectiveness and the most prudent budgetary practices.
Ashwin Muthiah, Chairman of AM International said “The investments are in tune with our credo of creating sustainable businesses which are future proof. We are building our plants through indigenous technology and investing in our home-grown R&D efforts with a clear focus on self-reliance and world-class domestic production.”
While M Ravi, Group CEO, Petrochemicals and MD-MPL said, “We want our products to not only solve an inherent demand gap but be a good import substitute for the country, saving precious foreign exchange.”
Manali’s primary focus of the project will be to supply to two sectors – pharmaceutical and food. The growth in demand expected in future in these two sectors will help MPL meet its sales target post the expansion. The revamp will also ensure environment-friendly practices.
On completion of the project, Manali said, the Company, the only domestic manufacturer of the product, will meet a substantial part of the country’s annual demand of about 100,000 MT of PG. Currently, a significant quantum is imported, which accounts for more than 75% of the entire country’s demand for PG.
On Sensex, the company’s stock ended at Rs27.50 per piece surging by 8.27%.
