New Delhi – Phillips Carbon Black (PCBl), India's largest carbon black manufacturer, is investing nearly €50 million in expanding its carbon black production capacity, the company has announced.
The investment comes as India grapples with shortage of supply and growing demand for carbon black products across the country.
In a 4 May annual report, PCBI said it had started working on further expansion of capacity by setting up a greenfield plant of 150,000 tonnes per annum in Chennai, Tamilnadu.
Additionally, the company is adding 50,000 tonnes of capacity at its Mundra production unit, in Gujarat.
Expansion at the site is set to complete in the third quarter of 2019, the company added.
The company, which has four production sites across India, is also adding another 30,000 tonnes of production capacity at its Palej site in Gujarat. This is expected to be complete in the first quarter of 2020.
The company, which reported 83% growth in sales for the financial year ended 31 March at €38 million, said the investments would add up to Rs400 crore (€50 million).
PCBL has also now aligned with some of its strategic customers - domestic as well as international, as partners to undertake joint development programmes.