The company is also working on a Rs 720 crore Expansion-cum-Diversification Project at Hindustan Newsprint mill in Kerala to increase production capacity to 3 lakh tonnes per annum from 1.2 tpa at present, a company release said.
Besides, it is planning to establish a greenfield three lakh tpa mill in north India. It is also overseeing the Rs 550 crore scheme for revival of the Nagaland Pulp and Paper Company at Tuli in Nagaland by doubling the installed capacity to 66,000 tpa.
HPC, which paid a dividend of Rs 15.20 crore for FY06 to Ministry of Heavy Industries today, has applied for 'Mini Ratna' status, the release said.
The maiden dividend cheque was presented to Heavy Industries Minister Santosh Mohan Dev by HPC Chairman Raji Philip.
The company posted a 22% increase in its turnover to Rs 1,045 crore in FY06 as against Rs 855 crore in the previous fiscal.
HPC is targeting a turnover of Rs 1,177 crore this fiscal, with a profit before tax of Rs 150 crore.
