ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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PIL-Rights Issue

But due to the flooding of the plant repairs and maintenance of plant and machinery cost much more at Rs 2,682 lakh as against Rs 1,556 lakh in the previous year. Production of petrochemicals was, however, maintained at 2,90,989 tonnes compared to 2,90,006 tonnes previously. But with costs working out more the margins were under pressure. Agrochemicals operations at Lote were comparatively satisfactory with the overall production exceeding the planned levels. Modernisation of the petrochemicals complex, as is proposed by the company, is by way of a total revamp with a substantial expansion of capacity. Because of the delays in government sanctions, it is to cost now an estimated amount of Rs 6,500 crore as against the original figure of Rs 1,300 crore when the proposal was drawn up six years back. A revalidation of the company's own studies on the economics and viability of the project is being made by the ICICI as a prelude to the company going for market funds. It is to make an issue of fully convertible debentures by the end of this year. At the annual general meeting, it was disclosed that the authorised share capital, which is also fully subscribed, will be increased from Rs 36 crore to Rs 600 crore. Royal Dutch Shell, the collaborators, are to keep their stake in the company unchanged at 33,33 per cent for the present.

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