Balaji Amines soars on commissioning Phase 1 of plant

15 Sep 2022 , 09:50 AM

The speciality chemical manufacturer said the Phase 1 of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate (DMC) or propylene carbonate (PC), and propylene glycol (PG) plant will be ready to commence commercial production by the end of September 2022. The company said that it estimates an annual production capacity of 15,000 tons of DMC or PC and 15,000 tons PG. In addition, it has also started construction in phase 2 of greenfield project (Unit IV) for two plants. The company already has environmental clearance for this expansion. It expects to start operations at these manufacturing facilities around the closure of this current financial year. Commenting on the developments, D. Ram Reddy, managing director said ?The Phase 1 of the greenfield project. will enable us to explore greater opportunities as we will be the sole supplier for DMC/PC in India, which we believe has good demand in domestic market and will also have potential for exporting to Global markets. Further, we are now gearing up for the expansion in Phase 2 of greenfield project (Unit IV), for which construction activities are in full swing. The products methyl amine & DMAHCL will be manufactured with an upgraded / improved technology which will enable us to compete in the global market. The capex for these plants would be around Rs 200 to 220 crore which will be funded entirely by internal accruals. Currently Balaji Amines is a zero-debt company on a standalone basis. We are excited to undertake further strategic initiatives to add incremental capacity and build upon our strength.? Balaji Amines is a leading manufacturer of aliphatic amines & speciality chemicals in India, specialized in manufacturing of methyl amines, ethyl amines, derivatives of amines and other specialty chemicals. The companys net profit rose 36% to Rs 122.96 crore on a 48.7% increase in revenue from operations to Rs 670.17 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News