Goa Carbon Ltd (GCL), a manufacturer of calcined petroleum coke (CPC) in India, on Friday, said that the company plans to invest about Rs 700 crore in its brownfield and greenfield expansions. The company will also set up power plants at all its three manufacturing units, which are in Goa, Bilaspur (Chhatisgarh), and Paradeep (Orissa).

Shrinivas Dempo, chairman of the company said, “We will invest Rs 100 crore to add another 1,00,000 tonne capacity to our existing Paradeep unit to take the capacity to 2,20,000 tonne per annum. We will invest another Rs 100 crore in setting up a total of 18 MW power plants,” he adds.GCL is still on its way for regulatory approvals for power but expects to start its first power plant in the next 6 months, which will be in Paradeep. The company will set up an 11-MW power plant in Paradeep, 5 MW in Goa, and 2 MW in Bilaspur.

GCL shares on Friday were up 4.97% to close at Rs 122.50 on the Bombay Stock Exchange.

Moreover, the company is also planning to invest Rs 500 crore in setting up a greenfield project to manufacture about 5,00,000 tonne of CPC. It has appointed a technical consultant for this and has short listed 2 locations i.e., Dhamra and Gujarat, for its greenfield plant.

Also, group company Dempo group, which has an iron ore mining company called VS Dempo and Company Pvt Ltd, is planning to hive off this segment into a separate company for further expansion.

The company is in talks with private equity players and plans to offload a 30%-40% stake and expects to close it by December this year,” said Dempo.

The mining company has 19 mining leases, of which only nine are in operation. This business contributed about Rs 1,000 crore to the group’s total turnover of Rs 1,800 crore in 2007-08.