Tamil Nadu Newsprint and Papers Ltd was setting up a large multi-layer board plant in the State at an outlay of Rs 1,500 crore, the company said today.
"Tamil Nadu Newsprint and Papers ltd is setting up a two lakh metric tonne capacity multi-layer board plant at a capital outlay of Rs 1,500 crore in Mondipatti village in Tiruchirapalli district," it said said in a release.
"The project works are in progress as per schedule and it is expected to be completed by December 2015", it said.
Meanwhile, the company declared its results for the period ending October-December 31, 2014.
TNPL had registered a marginal increase in its net profits at Rs 37.66 crore for period ending October-December 2014.
The Chennai-based company had registered Rs 36.89 crore during same period of last year.
For the nine-month period ending December 31, 2014 the net profits declined by 13.8 per cent to Rs 97.39 crore from Rs 113.06 crore registered during corresponding period of last year.
Total income from operations for the third quarter ending December 31, 2014 slipped to Rs 474.59 crore from Rs 594.01 crore registered during corresponding period of last year.
For the April-December 2014 period total income from operations dipped to Rs 1432.66 crore from Rs 1646.21 crore registered during same period of previous year.
"Despite the drop in sales and prices, TNPL has maintained profit after tax at the previous year level, largely through reducing the cost of production", it said.
On the outlook for the fourth quarter, the company said the sales was expected to be "better" during the fourth quarter due to demand from notebook manufacturers and textbook publishing segment.
