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The Indian arm of Japan's Mitsubishi Chemical Corp, MCCPTA India Corp, has disclosed that it will be increasing its revenues threefold to stand at Rs.5,000 crore from the current Rs.1,600 core by 2010-11.
“We are planning to treble the revenue to Rs.5,000 crore ($1.2 billion), taking into account the current market price of PTA (purified terephthalic acid) at $900 per tonne," Yoshi Mitsu Kobayashi, president of Mitsubishi Chemical Holdings Corp, told reporters.
He was addressing the media after the inauguration of the Haldia unit Phase II, which has enabled the production capacity to be increased by 800,000 tonnes. Currently the Haldia plant has a production capacity of 470,000 tonnes.
The Haldia facility is the company's largest single-line production capacity unit globally, churning out 1.27 million tonnes of PTA per annum.
The capacity expansion cam at a cost of $400 million, Kobayashi said. The largest production unit of PTA, located in Korea, has the potential for producing 1.6 million tonnes on a four-line.
"We are also exploring opportunity in other sectors like manufacturing solar photo-voltaic cell, generic pharmaceuticals, information and electronic applications in India," Kobayashi said.
The propylene-based compound manufacturing plant of the firm will go operational from November in Neemrana, Rajasthan. This plant, which has a production capacity of 10,000 tonnes, will be catering exclusively to the automobile industry.
Asked whether the company was considering tie-ups with Indian entities to foray into other sectors, Kobayashi said: "We don't have any concrete plan as of now."
