BANGALORE, Aug 15: The state-owned Mysore Minerals Ltd (MML) is planning to hike its paid-up capital from the existing Rs 1 crore to Rs 6 crore to part-finance its expansion programme.

The company recently made a representation to the state government in this regard and expects a formal consent soon, said D Vishnuvardhan Reddy, director (finance), MML.

``If the state government is unwilling to make substantial investments for the proposed projects, we may approach financial institutions,'' says Reddy. MML is also planning a joint venture with JK Corp Ltd for setting up a limestone plant in Bagalkot. The new plant in which MML will hold only a minority stake will supply limestone for JK's proposed cement unit.

JK Corp, has already received consent from the state government to set up a 1 million tonne cement manufacturing facility at Bagalkot and is likely to use around 1.65 million tonne of limestone per annum.

Mysore Minerals is also planning to increase limestone supplies to major cement companies in the state. At present MML supplies limestone to Kanoria Industries and Ratna Cements. Plans are afoot to extend the supplies to the other companies based in Bagalkot viz. Metro Cements and Devaki Cements.

MML, which had reported a total revenue of Rs 45 crore and a net profit of Rs 3.5 crore during 1996-97, is also in talks with steel majors like Usha Ispat and Mukund Steel for tie ups, said Reddy.

Having an export revenue of Rs 25 crore, the company is aiming to spread wings to Taiwan, China, Belgium, Germany, Spain and Australia. Currently, MML exports granite directly while manganese and chromite are routed through the MMTC Ltd. The state government has also effected a change in the top brass of the company to strengthen its presence.

It has appointed a Janata Dal MLA Nanje Gowda as the company's new chairman. He replaces Meera C Saksena, managing director, who was earlier holding additional charge as chairman. y

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.