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ONGC (down 1%) posted a decline of 8% and 14% in sales and operating profit, weighed down by...

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Punjab Chemicals to foray into contract manufacturing

Agrochemical major Punjab Chemicals and Crop Protection Ltd plans to make a foray into the contract manufacturing space by producing herbicides for two global companies. The company targets a business of Rs140 crore in next two years from this segment.

Besides, the promoters of Punjab Chemicals (PCCPL) are also planning to offload 10% to 12% of stake through private equity infusion, which will help in raising $10 million to be used largely for paying high cost debt.

"We are in advanced stage of discussion with two companies of the Netherlands and Japan for making herbicides for them at our Dera Bassi plant in Punjab and we hope the agreement will be signed by March 2011 and we expect to have a business of Rs100 crore from the Netherlands company and Rs40 crore from the Japanese company," said Punjab Chemicals managing director Shalil Shroff. Punjab Chemicals saw its scrip close higher at Rs138 on the BSE, while the benchmark Sensex closed at 18.311.

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