BOC India to spend Rs2.5 bn on projects

BOC India to spend Rs2.5 bn on projects

Kolkata: “Industrial gases supplier BOC India will spend Rs2.5 billion on existing projects by March 2009," a top official said.

“The funds would mainly go into existing gas units for steel plants," Managing Director S. Menon said.

“The funds would be part of the investments committed by German promoter Linde Group, which owns 89.48% in BOC India," he said.

“We are also looking at new products like gases used in photovoltaic panels," Menon said.

“BOC was in talks with Anil Dhirubhai Ambani Group for a solar power project," he said, but did not give details.

Gas projects in steel units currently generate a little less than half of BOC’s revenue.

BOC has gas units at plants of steel makers such as Tata Steel and Steel Authority of India among others.

Shares in BOC ended 12.67% down at Rs113 in a weak Mumbai market.