Shree Pushkar Chemicals and Fertilisers, a mid-sized dye, intermediates and fertiliser manufacturer, plans to invest ₹120 crore in setting up a solar park and enhancing its dye intermediates capacity.
The company will invest ₹75 crore in the dye intermediaries’ segment, and is in advanced stages of obtaining environment and pollution control board approval. The project is expected to commence production in FY21.
Shree Pushkar is also in the process of acquiring Madhya Bharat Phosphates through the NCLT for ₹28 crore. It will invest ₹12 crore in a solar park at Lote Parshuram MIDC in Maharashtra, and revamp the existing manufacturing facilities there with an investment of ₹5 crore.
The company, which plans to fund the expansion through internal accruals, expects its revenue to increase to ₹650 crore from ₹450 crore by 2020-21 on the back of capacity addition and revamp of its existing unit.
Punit Makharia, Chairman, Shree Pushkar Chemicals, said though the company logged a revenue of ₹454 crore in FY19, it will decline by 5 per cent to ₹425 crore this fiscal as an unit that manufactures acids, dye intermediates and cattle feed will be shut for 10 months for a complete revamp.
“We will cross revenue of ₹650 crore by 2020-21 after the revamp of the unit," he said.
Currently, the company exports dyes and dye intermediates to Europe, China, Pakistan and Bangladesh, and is looking for new markets in South America and Turkey, besides growing its domestic market share in phases, he said.