Solaris ChemTech Ltd.

Solaris in the News

Solaris Chemtech to invest Rs. 120 cr over 3 years
May 6, 2005
Business Standard

Solaris Chemtech, a Gautam Thapar company, today announced a Rs.120 cr investment over three years for increasing the production capacity of bromine and specialty bromine chemicals.

Bromine is predominantly used by consumer durables companies to make their products flame-retardant.

“At present the global market for bromines is held by just two or three companies. With the capacity addition, and the amount of natural raw material available in the country, we would be among the leading bromines manufacturers in India as well as Asia, which would give us a chance to capture a sizable chunk of the global market,” said Manoj Dutt, Managing Director, Solaris Chemtech.

The company has already commissioned a plant in Khavda, in the Rann of Kutch, at a cost of Rs.40 crore to manufacture 6,000 tonnes per annum of bromine. This would more than double its capacity from 4,000 tpa to 10,000 tpa. Solaris had simultaneously commissioned another bromides plant at the same site to cater to the needs of the pharmaceutical and agrochemicals industries.

By 2008, the Bromine capacity will be increased from the current 10,000 tpa to 24,000 tpa and that of bromine chemicals from 5500 tpa to 21,000 tpa,” Dutt said.

The company today also announced that it planned to go public by 2008, when it achieves the targeted turnover of Rs.500 crore. The company had recorded sales of Rs.237 crore in 2003-04.

With Korea, Taiwan and the south east Asia region becoming a hub for consumer durables manufacturing, they are the key markets for Solaris.

“Through these capacity additions, we are planning to acquire about 10 per cent of the $300 million global brominated flame retardant market by 2008,” he said. Currently, bromines account for Rs.50 crore of its turnover.