The company will raise some debt, internal accruals and equity to fund the expansion. The industry is seeing growth in demand for polyester films at a compounded annual growth rate of 10% over the next five years, as the retail industry penetrates deeper among consumers.
Says Arvind K Singhania, chairman and managing director, Ester Industries, We have two production lines with total capacity of 31,000 tonnes every year. We are going to build another big line of 30,000 tonne, which will be commissioned in the last quarter of 2010-11.
The company got a boost in earnings in 2008-09 on account of better prices and higher production through de-bottlenecking of its plant at Khatima, Uttarakhand.
Ester has continuously been in search of lower costs to improve margins. It shifted to rice husk instead of furnace oil for heating the thermic fluid running through the machinery. With rice husk cheaply available in Uttarakhand, a rice growing state, it not only brought down costs, but also made the company eligible for carbon credits.
New CEO at Symbiotic Infotech
The growth of telecom industry has created new opportunities for the value added services market and companies are aggressively planning growth strategies. And to tap new vistas, Chennai-based Symbiotic InfoTech Limited has appointed Sunil Kumar as the companys chief executive officer. An industry veteran, Kumar will be closely involved in developing and implementing company strategies including taking new products and solutions to market and making the business plan.
Online coaching with a difference
For young management and engineering aspirants, Hundred Percentile Education Ltd is creating a lot of buzz in online education. The site receives one million hits a month and has 50,000 registered and paid students and has tied up with retail chains and bookstores across 100 cities in the country. A brainchild of Sandeep Anand, an IIM graduate, the company is catering to the growing demands of students both in urban and rural areas. In the past, Anand has worked in education, information technology and shipping sectors.