RPG group company Phillips Carbon Black Ltd registered a lower Q4 profit of Rs 33.29 crore, down by 8% compared to the corresponding period last year, due to its higher deferred tax burden.
The company today said it would invest close to Rs 500 crore on its new greenfield carbon black plant near Chennai.
"We are in the process of getting 60 acres of land at SIPCOT Industrial Park close to Chennai for our latest greenfield project in South India and the investment could be close to Rs 500 crore," PCBL Chairman Sanjiv Goenka said today while announcing the company's results for Q4, ended March, 2011.
The capacity of the latest plant would be not less than 1,40,000 tonnes per annum and it could be as high as the 2,00,000 lakh tonnes indicated by Goenka earlier.
Back in October, 2010, Goenka had said the company would invest Rs 1,200 crore in the next three years on various expansion projects.
Now, he said, the company will announce a new business plan in next July for the next three to five years.
With the completion of PCBL's 50,000-tonne expansion at the Mundra project in Gujarat, the installed capacity would rise to 4,10,000 tonnes and 76 MW of power generation.
Another ongoing project is in Vietnam for 55,000-tonne capacity expansion in the first phase.