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Mumbai, Jun 20 (PTI) Leading paper manufacturer Rainbow Papers has drawn up a Rs 500-crore capex over the next two years, a top company official said. "We plan to invest Rs 500-crore for expansion in the next two-years. The capex will be used to part-finance setting up of a folding duplex board plant, a joint venture in Nigeria and acquisition of a pulp mill," Rainbow Papers Chairman and Managing Director Ajay Goenka told PTI here. The company is engaged in manufacturing products like writing and printing paper, newsprint paper, duplex boards, coated paper and board, colour paper and board, crepe paper and poster paper. "We are looking at setting up a 1,000-tonne per day folding duplex board unit at Gujarat. The company is seeking clearance from the Environment Ministry for the said plant," Goenka said. The company is also open to acquisition of folding duplex board plants in India and abroad, he said. It is also in advanced stages for setting up a joint venture in Nigeria with a local partner, he said, adding that the Nigerian Government will provide land and infrastructure facilities. Rainbow Papers is also looking at acquisition of pulp mills in India as well as abroad, Goenka said. The company recently raised USD 27-million through global depository receipts (GDR) to part-finance its ongoing Rs 327-crore expansion programme. The proceeds of the offer will be used for capacity expansion of the paper manufacturing capacities and installation of a 30 MW thermal power plant. The company aims to increase the manufacturing capacity to nearly 3,00,000 tpa from the present 1,80,000 tpa, Goenka said. The company has launched a new range of products like maplitho wood-free paper, newsprint, super printing paper, which have great demand in domestic and international market. The company exports 40 per cent of its products to US, Middle-East, South Africa, south-east Asia and the UK, Goenka said.
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