The government aims to revive four sick plants next year and another by 2023 with an investment of ₹38,000 crore as part of its Atmanirbhar Bharat initiative. This will add 6.35 mt to the country’s existing annual capacity of 24 mt and cut imports, which average about 6 mt a year.
In a regulatory filing, the company also said its consolidated net profit declined 6.41 per cent to Rs 177.09 crore in the first quarter of 2020-21 as compared with Rs 189.22 crore in the year-ago quarter.
The largest carbon black manufacturer in India, PCBL remains optimistic about the demand growth and had already invested Rs 300 crore for brownfield expansions in its Mundra and Palej plants in Gujarat.
The company has a Bio-Mobility platform which promotes the use of renewable resources to produce carbon neutral transportation fuel across all modes of mobility. Adding to this segment, the company has forayed into Bio-Prism, with renewable chemicals and materials.
Sanjeev Sood, currently the President of the South Asia Region, will become the chief manufacturing officer for Asia. Dale Clark, the chief technology officer, will become the chief manufacturing officer for America, Europe, and Africa.
Zuari Agro Chemicals, the agriculture vertical of the Adventz Group, has decided to sell off the company's fertilizer plant in Goa to unlisted joint venture company Paradeep Phosphates Ltd (PPL) for a total consideration of $280 million.
Managing director Vinati Saraf Mutreja told ET that the company is betting big on the new process it is developing to manufacture butylphenol. It will be the sole manufacturer for the product in India and expects it to bring incremental revenue of Rs 400 crore a year in the next three years.
Directorate General of Trade Remedies (DGTR), under the commerce and industry ministry, also said that it would continue to treat China as a ‘non-market economy’, allowing India to impose anti-dumping duties on cheap imports to protect its domestic industry.
“Domestic prices of Diammonium phosphate (DAP) and nitrogen, phosphorous and potash (NPK) have seen a drop as raw material prices in the global market fell,” said Rakesh Kapur, joint MD at Indian Farmers Fertiliser Cooperative Ltd (Iffco).
Industry has strongly objected to the proposed ban of chemicals, which includes popular pesticides like monocrotophos, acephate, carbofuran, 2,4-D, carbendazim and malathion, which has been widely used to control locusts. The relaxation in exports of the banned molecules, in the addendum to the draft notification, too has done little to calm the nerves of the industry.
“In this kharif season, the requirement of urea is estimated at 17 million tonnes while domestic production is likely to be around 13.3 million tonnes. The difference will be made available through imports,” he said.