Phillips Carbon doubles investment for Vietnam facility

Kolkata: Phillips Carbon Black Ltd, a RPG group company, has doubled the investment commitment in its Vietnam joint venture to Rs 300 crore from Rs 150 crore as the capacity for the plant has been raised to 1 lakh tonnes from 50,000 tonnes planned earlier.

Mr Sanjeev Goenka, Chairman of the company, said the timeframe for commissioning the Vietnam facility has been scheduled in mid-2010.

On May 9, the PCBL upgraded and formalised the joint venture agreement with the subsidiaries of Vietnam National Chemical Corporation. The new agreement would include a co-generation power plant 16 MW.

Phillips Carbon is also installing additional cogeneration capacities of 80 MW in Durgapur, Baroda and Kochi at a cost of Rs 320 crore.

Mr Goenka said that for the project as well as for Phillps Carbon, a debt equity ratio of 1:1 has been fixed.