The Board of Directors of Ultramarine & Pigments Limited has approved the revised project cost relating to the greenfield project under implementation through the wholly owned subsidiary for manufacturing Pigments at Industrial Park - Naidupet, Nellore district, Andhra Pradesh.

The project cost is revised considering the additional equipment including pollution control equipment and cost escalation due to additional civil construction.

The board approved the proposed Specialty Chemical Project of the company for capacity addition of 1,800 MT at an outlay of Rs. 21.15 crore. The mode of financing will be through mix of internal accruals and debt. The capacity is to be added in a phased manner from 3rd quarter of Financial year 2022-23 and full capacity in the financial year 2027-28.

The existing project cost of the project for capacity addition of 1,500 MT being executed by Ultramarine Specialty Chemicals Limited has increased from Rs.66.50 crore to Rs.75.50 crore. The additional cost of Rs. 9 crore will be funded through debt. The capacity is to be added in a phased manner starting from April, 2022 to December, 2022.