IPCL clocks 11 pc growth

During the year, IPCL expanded its polyethylene capacity and commissioned a new HDPE plant at Dahej to emerge as the largest producer of polyethylene in the country with a combined capacity of 5.4 lakh mt per annum.

The combined capacity utilisation of all operating plants situated in Baroda, Nagothane and Dahej was around 91 per cent despite a 45 days8217; shut down at Nagothane for technical reasons, a company release said here today.

The gross sales turnover during the year was Rs 3,850 crore as against Rs 3,692 crore the previous year despite general slowdown in industrial production all over and low international prices for petrochemical products.

To finance its capital expenditure during the year, IPCL is planning for privately placed debentures and bonds, aggragating Rs 195 crore and issue commercial papers worth Rs 1,275 crore on replenishment basis.

IPCL has taken steps to ensure that all critical systems are Y2K compliant by July 1999, the release added.