Kanoria Chemicals and Industries (KCI), a company promoted by R V Kanoria, has declared its plans to enter into five new business segments including solar power generation.
The company is planning to invest the money it received from selling of its caustic soda business to the Aditya Birla Group. In the solar segment, the company has plans to erect a 12 MW solar power generating plant over 66.6 acres of land site. The company is planning to invest 156 to 168 crore rupees for the proposed plant.
According to the company’s Chairman and Managing Director (CMD), R V Kanoria, the company has plans to enter into renewable power generation sector as a long term business and more into the solar power generation. He further said that his company has chosen the state of Rajasthan as its favored location and yet to acquire the land for the project. Since the solar project is at its very initial stage he did not elaborate on that. He has also mentioned about the interest of the company in offshore wind projects, which presently presents a number of opportunities.
The company has also plans to enter into fine chemicals sector and double its present formaldehydes production capability after joining a technology partner. The company is planning to enter into refined chemical business such as Active Pharmaceutical Intermediates (API) and set up the facility at Vizag where it has its own land and integrate it with its formaldehydes business.
Source: http://www.kanoriachem.com/