The Andhra Pradesh government on Wednesday approved the allotment of 116.62 acres of land in Naidupeta to PCBL Ltd. for setting up a plant to manufacture new rubber black and value-added chemicals.
The company had proposed to set up the factory with an investment of Rs 3,718 crore back in September. It sought land in the special economic zone at a cost of Rs 1,948 per square metre, according to an exchange filing.
The state government gave its approval after recommendations from the State Investment Promotion Board.
"The allocation of land shall be made applicable subject to company adhering to the definite timelines for implementation of the project and investment and employment commitment from the company as per the proposal submitted," the order said.
The Kolkata-headquartered PCBL, a part of RP-Sanjiv Goenka Group, is one the largest domestic carbon black manufacturer. It operates state-of-the-art plants at Durgapur (West Bengal), Palej (Gujarat), Mundra (Gujarat), Chennai (Tamil Nadu) and Kochi (Kerala), and has R&D centres at Palej (Gujarat) and Ghislenghien (Belgium) to make performance materials and specialty chemicals segment.
In September, the company tied up with Australian firm Kinaltek Pty. to set up manufacturing plants to produce nano silicon-based products for battery applications to cater to the electric vehicle market. PCBL will invest $16 million in the joint venture for the acquisition of certain intellectual property from Kinaltek.
Share price of PCBL closed 4.86% higher at Rs 430.75 apiece on the BSE, compared to the benchmark Sensex that ended 0.3% up.
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