The board of directors of Rs854.84crore turnover Tamil Nadu Newsprint and Papers
Limited (TNPL) has categorically said the company has no plans to have an independent
subsidiary to promote IT park and cement plant. (See: Tamil
Nadu Newsprint and Papers Limited cements its diversification plans)
the company''s 27th annual general meeting held here on Friday, shareholders demanded
the company''s proposed IT park project be executed under a different company so
that its valuations go up and not get bogged down by those of TNPL.
shareholders are sore at TNPL''s scrip hovering around the Rs100 mark for quite
some time when the book value per share is around Rs80. "At the bourses the
stock does not reflect the real value of the company," complained a shareholder.
to shareholder''s queries A Velliangiri, director (finance) said, the management
is considering various options like build-own-operate-transfer or build-lease-operate-transfer
model for the IT park project.
speaking to domain-b, V Murthy, managing director said, the logic
for TNPL getting into cement manufacturing was to use its waste profitably. The
paper plant generates around 70,000 tonne per annum (tpa) of lime sludge, which
was sold to other cement plants at a price that ranges from Rs30 per tonne to
Rs280 per tonne.
the cement sector booming, the realisations are better. But sun-drying the lime
sludge and storing the fly ash creates environmental issues for the surrounding
villages and hence we decided to go for a cement plant."
the IT park project, TNPL is awaiting the feasibility report from Cushman and
Weikfield, the real estate project consultant, in view of the likelihood of Chennai
ending up with surplus office infrastructure for the IT sector.