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Satia Industries Limited Signs Agreement with Minerals Technologies to Construct a 42,000 Metric Ton Per Year Satellite PCC Plant in India

Posted On: 2020-05-26 17:27:39

Satia Industries Limited, SIL) (BSE: 539201 / NSE: SATIA) signed an Agreement with Minerals Technologies, (MTI) U.S.A. who will invest completely in building a 42,000 metric ton per year satellite precipitated calcium carbonate (PCC) plant in our paper mill in Sri Muktsar Sahib, Punjab District, India. The facility is scheduled to begin operation in the second quarter of 2021.

Dr. Ajay Satia, CMD, Satia Industries Limited, commented that "We are proud to associate with MTI for building the PCC plant which is a specialty pigment for filling and coating high-quality paper and by substituting PCC for lower performing ground calcium carbonate (GCC) and talc. This will provide our customers with high opacity, brighter quality printing paper at a very competitive cost."

He further added, "On the cost front we are looking to bring efficiency through no capex which will enhance the customers confidence in us. We are happy to share that we have secured our order book for the next two months in-spite of the current obstacles posed by Covid19. We look to further create value by getting a dedicated in-house source of supply of quality filler replacing indigenous abrasive soap stone powder and Ground Calcium Carbonate. This alliance will be commercially beneficial, will enhance quality of the final product and will increase the life of machinery and clothing in the times to come."

Minerals Technologies Inc. (MTI) is a New York based resource- and technology- based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services and excels amongst the best producer of quality Precipitated Calcium Carbonate (PCC). This is their eighth satellite plant in India for deploying their PCC technology while they have set up 55 such satellite plant globally with reported sales of $1.8 billion in 2019.

While committing to this heavy capital expenditure returns for which will come to them in next 10 years, D.J. Monagle III, Group President, Specialty Minerals and Refractories commented, "We are very pleased that Satia Industries, a well established paper maker in India, has selected Minerals Technologies to construct and operate a satellite PCC plant that will provide our technology for their machine. We paper look forward to a long and mutually rewarding partnership with Satia."

He commented further, "Satia Industries is an innovative paper company, and we are pleased that they have recognized the value of our PCC technologyin their fine paper grades. Our PCC will be used as a paper filler to improve brightness, opacity, and bulk, and to reduce costs for the papermaker."

Shares of Satia Industries Ltd was last trading in BSE at Rs.72.7 as compared to the previous close of Rs. 67.2. The total number of shares traded during the day was 319 in over 41 trades.

The stock hit an intraday high of Rs. 72.7 and intraday low of 65. The net turnover during the day was Rs. 22386.

Source: Equity Bulls

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