| Bushen Raina, managing director, at a press conference held after the company's annual general meeting, said the timing of the project would depend on input from Tata Steel but a decision was likely to be finalised by mid-2005. The units would come up in Jamsehdpur. |
| The new unit would be dove-tailed with Tata Steel's expansion plans for additional requirement of tin black mill, which was the raw material. |
| Tinplate was also looking at downstream project in partnership with global players. Raina said within three-four months a memorandum of understanding would be signed with global partners for giving shape to this idea. |
| Raina said the move was part of the company's efforts to provide cost-effective packaging solution for edible and beverage companies. |
| Meanwhile, the company was ramping up capacity from 1.3 lakh tonne to 1.45 lakh tonne by October. The capacity would be further augmented to 1.63 lakh tonne with the help of Nippon Steel. |
| The investment in organic growth would be Rs 39 crore. Raina said Boston Consulting Group had been appointed to revalidate and refine its strategy. |
| Exports would continue to be a major thrust area for the company with new end-user customers being acquired in the Far East in addition to existing clients in south-east Asia, Middle East, Europe and neighbouring countries. |
| Raina also announced that the company had achieved EVA positive status for the first time during the year ended March 31, 2004. Gross profit of Rs 75.03 crore and net profit of Rs 21.34 crore were the highest-ever recorded in the company's history. |
| Earlier, addressing shareholders, Shashi Prasad, chairman Tinplate said owing to personal reasons he was unable to continue as a director and was therefore not offering himself for re-election. |
| B Muthuraman, managing director Tata Steel would take over as chairman of Tinplate. Muthuraman was a director on the board of Tinplate. |
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