SiC International plans to invest 480 million rupees in India and Russia, which is part of a $3 billion in the Murugappa Group's diversified investment program. The investment plan will expand the existing production scale and expand the production capacity of the Greenfield plant in Gujarat. The company also said that it has been searching for such a good opportunity.
K. Srivansang, managing director of Silicon Carbide International, said the company plans to increase production capacity by 100,000 tons in the abrasive plant in Bozhsky, Russia. The plant produces mainly dissolved silicon carbide products. The plant has an existing production capacity of 70,000 tons, and the planned increase in production capacity will be based on existing production capacity.
In the first phase, in the following 18 months, the company plans to increase production capacity by 50,000 tons, and the remaining capacity will be implemented in the next period. The total investment is approximately US$75 million (approximately Rs. 3.4 billion).
K. Sriwansang added that Silicon Carbide International invested 75 million rupees in Gujarat with Gujarat Minerals Co., Ltd. to produce fused brown corundum products, with an estimated annual production of 35,000 tons and equipped with a 2,400 MW power plant. .
“We will sign a cooperation agreement with Gujarat Minerals Co., Ltd. within one month, and Gujarat Minerals Co., Ltd. will hold more than 51% of the shares,†said K. Sri Wansang.
Gujarat Minerals Co., Ltd. plans to invest more than Rs 1 billion in joint venture construction projects. At the same time, as of the end of the June 30, 2010 quarter, the company’s net profit report showed an increase of 126%, and assets increased from Rs. 191.9 million in the same period last year to Rs. 4,477,000. The company’s revenue increased by 359.96 million rupees from 288.37 million rupees, an increase of 27%.
At present, 55% of the company's operating income comes from the domestic market. “The percentage shows that foreign markets are growing significantly. We expect overseas market share to exceed 60%,†he added.
“Our main customer markets are in Europe and North America, while the rest of the world like South Africa, Russia, South America, China and other regions benefit from strong manufacturing capacity,†says K. Srivansang.
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