Goa Carbon eyes power generation

Dempo group company, Goa Carbon Limited (GCL), is planning to foray into power generation and has obtained an in-principle approval for the same at the meeting of its board of directors held on November 25.

The board has approved installation of the necessary plant and equipment to generate power by waste heat recovery at the three GCL plants located in Goa, Bilaspur and Paradip.

Further, the company also plans to expand the capacity of its calcined petroleum coke plant at Paradip.

The board has also recommended a dividend of Rs 1.50 per equity share (15 per cent) on equity shares of Rs 10 each.

GCL has, meanwhile, received the Bombay High Court's sanction for amalgamation of its wholly-owned subsidiary, Paradip Carbons Limited (PCL), with GCL. PCL will be amalgamated with GCL effective from July 1, 2005, the company said in a release here today.

Commenting on the amalgamation, GCL chairman Shrinivas Dempo said, "following the high court's seal of approval for the amalgamation, we will be able to consolidate our group's operations. PCL is contributing substantially to the company's profitability and we have lined up substantial expansion plans to keep up with the demand, domestic as well as overseas, for our products."