| BOC managing director Sanjiv Lamba (left) and chairman J. . Sapru in Calcutta on Monday. Picture by Kishor Roy Chowdhury
Calcutta, July 14: Gas major BOC India Ltd is looking to sell off its 8-acre plot in Ghatkopar, Mumbai.
BOC managed to resolve its dispute over retrenchment of 120 employees of its erstwhile Ghatkopar plant earlier this year, following which it decided to put the plot on the block.
BOC said it was in talks with four companies in the steel and chemical sectors to set up new plants that could produce up to 120 tonnes of gas per day.
BOC managing director Sanjiv Lamba said the company was hopeful of concluding these deals by March next year.
The company has set up a plant for Tata Steel (Tisco) that could produce up to 225 tonnes of gas per day. BOC operates a 1,290-tonnes per day plant for Tisco at present.
The new plant will be commissioned tomorrow, and is expected to generate Rs 16 crore in annual revenues.
The company is also trying to sell off or export seven decommissioned ‘high-pressure’ plants that were withdrawn from operation many years ago.
BOC has been trying to sell off its ‘high-pressure’ plants for quite some time with little success. These plants can produce 5-15 tonnes of gas per day. It has so far managed to export one.
Meanwhile, BOC today unveiled its financial results for the first quarter of 2003-04. The company’s net profit (excluding extraordinary items) jumped 280 per cent year-on-year to Rs 2.54 crore. Its net income during the quarter at Rs 72.77 crore was 10 per cent higher than the corresponding period of the last financial year.
Lamba said: “The first quarter performance reflects the efforts to enhance competitiveness by focusing on cost control, productivity and efficiency improvement coupled with our continued focus on cash generation to fund future growth.”