New Delhi: India's Deepak Fertilisers and Petrochemicals Corp Ltd said it plans to spend Rs 3.5 billion this year to nearly triple the production capacity of integrated NPK grades fertilizer complex at Taloja in Maharashtra state to 600,000 tonnes.
The ferilizer manufacturer is also looking to set up a new bentonite sulphur project with an investment of Rs 550 million at Panipat, Deepak Fertilisers said in a filing to the stock exchanges Friday.
"We have decided to expand and more than double our NPK capacity to 600,000 tonnes per annum. We believe this project will significantly benefit farmers in western India and also aid us in significantly enhancing our market share," Sailesh C Mehta, vice-chairman and managing director of Deepak Fertilisers, said in the statement.
Both the projects are expected to be completed in 30 months from the time of commencement.
Earlier Friday, Deepak Fertilisers posted a 13.73% drop in net profit to Rs 454.8 million for the fourth quarter (Jan-Mar) of fiscal 2011-12, as compared to Rs 527.2 million in the same period a year ago.