According to reports, Kanoria Chemicals and Industries (KCI), the R V Kanoria promoted company, is set to enter five new businesses with the money it raised by selling its primary business of caustic soda to the Aditya Birla Group.
The new game plan includes entry in the renewable energy segment, especially solar energy, entering the fine chemicals segment, doubling its formaldehydes capacity and an acquisition for a technology partner.
The company is looking at setting up a 12 mega watt (MW) solar energy plant on a 200 bigha or 66.6 acre site. Setting up of 1 MW solar energy plant costs Rs 13-14 crores, which means, the company will have to expend Rs 156-168 crore for the venture.
R V Kanoria, Chairman and managing director (CMD) of the company said, “We are certainly getting into the renewable energy segment. With a long term perspective we are looking at entering the solar energy business and Rajasthan is our preferred location though we have not acquired land yet. The plans are in initial stages so it would not be possible to give any numbers as we are also learning about these industries as we go. We will also look at offshore wind energy projects where there are huge opportunities in that segment.”