Ultramarine & Pigments approves revised cost of expansion projects

The Board of Directors of Ultramarine & Pigments Limited has approved the revised project costs related to the greenfield project to be carried out through the wholly owned Pigments Production Subsidiary at Industrial Park – Naidupet, Nellore District, Andhra Pradesh.

The project costs have been revised taking into account the additional equipment, including pollution control equipment and cost escalation due to additional civil construction.

The board approved the company's proposed Specialty Chemical Project for capacity expansion of 1,800 MT at an expense of Rs. 21.15 million euros. The mode of financing will be through a mix of internal accruals and liabilities. The capacity will be added in phases from the 3rd quarter of fiscal year 2022-23 and full capacity in fiscal year 2027-28.

The existing project cost of the 1,500 MT capacity expansion project carried out by Ultramarine Specialty Chemicals Limited has increased from Rs.66.50 crore to Rs.75.50 crore. The additional cost of Rs. 9 crore will be financed through debt. The capacity will be added in phases from April 2022 to December 2022.