Shree Pushkar Chemicals & Fertilisers has announced capital expenditure plans worth ₹120 crore.
The funds will come from internal accruals.
The company will invest ₹75 crore in the dye intermediaries’ segment. The project is expected to commence production in FY21.
The company is also in the process of acquiring Madhya Bharat Phosphate through the NCLT process for ₹28 crore. Additionally, it will invest ₹12 crore in a solar park at Lote Parshuram MIDC in Maharashtra and revamp the existing manufacturing facilities there at an investment of ₹5 crore, the firm said.
“We plan to fund the expansion through internal accruals,” said Punit Makharia, CMD, Shree Pushkar Chemicals & Fertilisers.
He said the company’s revenue was expected to increase to ₹650 crore by 2020-21 on the back of capacity addition and revamp of its existing unit.
Though the company logged a revenue of ₹454 crore in FY19, it will decline by 5% to ₹425 crore this fiscal as an unit that manufactures acids, dye intermediates and cattle feed will be shut for 10 months for a complete revamp.
“We will cross a revenue of ₹650 crore by 2020-21 after the revamp of the unit," he said.
Currently, the company exports dyes and dye intermediates to Europe, China, Pakistan and Bangladesh, and is looking for new markets in South America and Turkey, besides growing its domestic market share in phases, he added.
Founded in 1993 as an Integrated Speciality Chemicals manufacturing firm, the company deals with the entire range of textile and speciality chemicals.
The company is one of the leading producers of Dye Intermediaries and Dyestuff in India, with the widest range of Dye Intermediaries offering.
