| Addressing a press conference, G Vivekanand, managing director of Visaka Industries Limited, said, "It was a strategic decision of the company to have a presence across the country and as a part of it we are planning to set up the new plant." |
| The company currently has plants in Andhra Pradesh, Tamil Nadu and Midnapore in West Bengal. Visaka Industries also has a marketing tie-up with a Pune-based company. |
| Visaka expects to commence production at its Rai Bareli plant during the next financial year. The plant will have a capacity of 1,20,000 tonnes a year. Vivekanand said that the company is raising the required investments through a mix of debt and equity. |
| Visaka has also started trial production at its asbestos plant in Tumkur one-and-half-a month ahead of schedule. |
| "The commercial production of this plant is expected to begin from March 1," Vivekanand said. |
| The Rs 25-crore Tumkur plant will have a capacity of 1,20,000 tonnes a year. He said that with the completion of the new project the total capacity in the group has gone up to 3,40,000 tonnes a year. Once the Rai Bareli plant is completed, the total capacity will go up to 4,60,000 tonnes. |
| "It may be recalled that during the financial year the company had implemented 50 per cent capacity expansion in its textile plant at Nagpur at a cost of Rs 32 crore," Vivekanand said. |
| The textile plant of the company has a capacity of 50,000 spindles. The company currently exports 40 per cent of the yarn produced to various European countries and to Australia. |
| Vivekanand said that the turnover of the company is expected to touch Rs 200 crore by the end of the current financial year. For the first nine months of the fiscal the company's turnover was Rs 153.97 crore and the net profit (after tax) was Rs 9.6 crore. Visaka declared an interim dividend of 10 per cent for the financial year 2004-05. |
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