Camlin Fine Chemicals, a part of the de-merged Camlin group, has diversified into the power as well as alternative medicine sectors, besides venturing into production of industrial-grade speciality chemicals.
The company has floated three subsidiaries in this connection, including a 51:49 joint venture with a leading German chemical manufacturer to make speciality grade chemicals.
Chemolusions, the joint venture, is aiming to produce industrial chemicals of various grade, Camlin Fine Chemicals’ Managing Director Ashish Dandekar said. He declined to reveal the identity of the partner, citing a confidentiality agreement between both the parties.
“Besides, we are planning to launch a large basket of industrial grade speciality chemicals and anti-oxidants or preservatives,” he said.
Currently, the company is the world’s largest manufacturer of food grade anti-oxidants or food preservatives — Tertiary Butyl Hydroquinone (TBHQ) and Butylated Hydroxy Anisole (BHA) — with a market share of about 35 per cent. Globally, the two products see a turnover of Rs 350 crore, with Camlin Fine Chemicals exporting them to over 40 countries.
Dandekar also said the company has diversified into wind energy, targeting small wind power projects for captive generation ranging between 100 Kilowatts (Kw) aWnd 250 Kw, which would require investments of at least Rs 40 lakh, to Rs 2 crore. Currently, most of the existing players in the wind energy sector are concentrating only on large wind power projects of a minimum 1-2 Mw capacity.
Fine Renewable Energy, the subsidiary Camlin Fine Chemicalsfloated for the foray into the energy sector, will also undertake small hydro-electric projects and solar energy.
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Dandekar further said the company has acquired Sangam Laboratories, a healthcare product manufacturing company, for its entry into the alternative medicine space. Sangam Laboratories is a major manufacturer of glucosamine, a herbal-based drug to treat joint pain and arthritis.
The company exports glucosamine in bulk to the US and Europe for various customers. Soon, this division will come up with nutritional products and a unique herbal preservative for fruits and vegetables.
The company posted a turnover of Rs 100 crore in 2008-09 with a growth of 25 per cent year-on-year and is targeting to grow by about 50 per cent during the current year.