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

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Magnus Rubber Industries

Western Paques (India) WESTERN PAQUES (INDIA), which is in the business of manufacture of effluent treatment plants, is turning its attention to putting effluent discharge (mainly wash and organic waste water) of distilleries and paper units to use by processing for power generation for supply to effluent generating units at a concessional price of 70 per cent of the grid rate of state electricity boards. The company, which has a technical and financial collaboration with Paques of Netherlands, has on commencing operations in 1988 supplied effluent treatment plants to distilleries and paper and pulp and petrochemicals units. The collaborators from Netherlands have by now set up 160 such plants all over the worldWestern Paques (India) proposes to set up five waste water power generation plants of a combined 22 MW capacity in two phases, in the first phase at five different locations in Maharashtra, which is to entail an outlay of Rs 86.25 crore, as appraised by SBI Capital Markets. Effluents by-processing will yield biogas which will produce power. Effluents as source material are to come free of cost from the distilleries in Maharashtra to the company. The project is to start commercial production next January. Out of the estimated project cost of Rs 85.25 crore Rs 65 crore is to be cost of plant and machinery. The project issue is to be met with a rights issue of Rs 32.05 crore and a public issue of Rs 46.80 crore and, besides, internal accruals of Rs 6.4 crore. Western Paques (India) reported increase ed income of Rs 20.43 crore for 1991-92 compared to Rs 11.44 crore for 1990-91 and so also a net profit of Rs 4,89 crore compared to Rs 1.13 crore. The company increased the dividend, which it had paid at the rate of 10 per cent in the very first year, to 30 per cent. The company is issuing for its power generation project 36 lakh 12 per cent fully convertible debentures of Rs 130 each and offering out of this 14.80 lakh debentures to the public on February 9 with SBI Caps and JM Financial and Investment Consultancy Services acting as lead managers of the issue. The debentures will be converted into equity in two parts, part A after three months of allotment, and part B 15 months after allotment, at Rs 55 premium on Rs 10 share.

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