The Murugappa Group company EID Parry India Limited is looking at roping in a technology partner for its Silk Road Refinery project, which is coming up at Kakinada in Andhra Pradesh.
The project was earlier proposed to be gas-based but due to non-availability of gas, it was delayed and the company decided to convert it into coal-based. The conversion is expected to see an investment of Rs 80-100 crore.
EID Parry's managing director Ravindra Singhvi said they were planning to rope in a domestic technology partner, who had expertise in boilers.
Post the installation of coal boiler, which should be completed in 1-1.5 years, the refinery operations are likely to start somewhere in 2013.
Silk Road Refinery is a joint venture between EID Parry and multinational company Cargill. The refinery will have a capacity of 600,000 tonne and can be expanded to one million tonnes.
Meanwhile, EID reported a Rs 325.80 crore profit, on a standalone basis, during the second quarter of the current fiscal as against Rs 49.48 crore a year ago. Turnover for the quarter stood at Rs 502.66 crore as compared with Rs 415.01 crore a year ago. The company attributed the growth to higher crushing and co-generation and also increase in bio-products. Besides, the prices in the domestic market helped, said Singhvi
Crushing had gone up 13 per cent during the second quarter, while co-gen increased 10 per cent and bio-products 30 per cent.
