Sets up 3 Mw windmill in Hassan as part of CSR initiative
Bangalore-based Manjushree Technopack Limited (MTL), an integrated packaging solutions provider, is in its advanced stages of commissioning its new manufacturing plant at Bidadi near Bangalore. It will have a capacity to produce 20,000 tonnes in phases. The company is investing Rs 100 crore on the plant which will start production in October 2012.
“We presently manufacture 50,000 tonnes of PET bottles and pre-forms at our Bommasandra facility in Bangalore. We will commission our new plant in phases in Bidadi with 10,000 tonnes capacity going on stream in October this year. We will add another 10,000 tonnes next year and in the next five years we can go up to 100,000 tonnes at the facility,” Vimal Kedia, managing director, MTL, told Business Standard.
Manjushree, which is already India’s largest producer of PET bottles and pre-forms at 50,000 tonnes per annum, aims to consolidate its position going forward. It is also in the process of setting up another manufacturing plant at an investment of Rs 50 crore at Harohalli near Bangalore. It has already acquired 15 acres at Bidadi and 10 acres at Harohalli, he said.
It has tied up with the State Bank of India for a loan of Rs 90 crore for expansion.
As part of its plans to bring down the cost of its operation, the company recently commissioned a windmill with an installed capacity of 3 Mw in Hassan district at an investment of Rs 20 crore. About 70 per cent of the investment is by way of bank debt while the balance is funded through internal accruals. It is looking at a return on its investment over a period of five years as having its own power plant will help the company save on the rising cost of power annually, he said.
“We have invested on this windmill as part of our corporate social responsibility initiative. This will also enable us to reduce the cost of power. Ours is a power-intensive industry and we require 8 Mw of power annually for our manufacturing plants. Presently, we spend about Rs 18 crore on power bill annually. With our own power plant we will be able to save about Rs 3.5 crore annually and we will also get a 50 per cent depreciation on investment and Rs 2.5 crore will be saved through income tax benefits annually,” Kedia said.
The company also plans to expand its windmill capacity going forward. It would be commissioning another 3 Mw next year.
“Our plan is to go for a 20 Mw windmill in the next five years. We will use 8 Mw for our captive use and the remaining power will be sold to the state electricity supply companies. We are in talks with Gamesa, Suzlon and Enercon for identifying new sites. Already, Gamesa has done the complete erection and maintenance of windmill for us,” he said.
