JK Paper to pump in Rs 1.5k cr for new mill

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Rajat Guha,Rajat Guha

Posted: Jan 26, 2010 at 1932 hrs IST

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New Delhi JK Paper plans to invest around Rs 1,500 crore to set up a new pulp mill at Rayagarh, Orissa. “The amount would be raised through a mix of debt and equity in the ratio of 1.5:1,” JK Paper MD Harsh Pati Singhania said. He said the company will raise the money through external commercial borrowings, debt instruments such as foreign currency convertible bonds apart from internal accruals. The new pulp mill will come up with a capacity of 2 lakh tonne per annum and paper a capacity of 1.5 lakh tonne per annum. It is likely to be commissioned in the second half of 2012.

For the new plant, the company will also ramp up its captive power unit from existing 35 mw to 55 mw. Singhania also said the company would look for opportunities both in India and abroad to enhance its presence, which would be through a mix of acquisitions and setting up of greenfield projects. JK Paper’s net profit during the December quarter jumped over six-fold to Rs 20.35 crore for the quarter ended on December 31, 2009, on the back of strong performance and cost control measures.

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JK Paper to pump in Rs 1.5k cr for new mill

Rajat Guha,Rajat Guha

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