Tinplate to invest Rs 36 cr for capacity expansion

KOLKATA: The Tinplate Company of India Ltd, a Tata enterprise, would invest Rs 36 crore in the next two years to increase capacity from 1.14 lakh tonne per annum to 1.45 lakh tonne per annum.

Capacity expansion at the Jamshedpur plant would start this fiscal, company managing director Bhusan Raina told the annual general meeting here on Saturday.

The company, which manufactures tinplates for packaging, has also decided to use the security premium account to partially write off its accumulated losses.

The shareholders approved this resolution at the meeting.

Raina said that the company would be back on the dividend paying list soon after all accumulated losses were covered.

The company also has plans to reduce the debt burden as well as the interest burden. In the first quarter of the current financial year, Tinplate's post-tax profit stood at Rs 3 crore.

Tinplate exports its products to Singapore, Phillipines and the south-east Asian nations.

TIMES NEWS NETWORK[ SATURDAY, JULY 26, 2003 05:40:18 PM ]