Bengaluru, July 27 (IANS) The state-run Karnataka Soaps and Detergents Ltd. is setting up a new plant at its facility in the city’s northwest suburb, with Rs 27 crore investment, state Industries Minister R.V. Deshpande said on Wednesday.
“The state cabinet has approved the company’s proposal for the modern plant, with 15,000 tonnes annual capacity to produce a variety of soaps,” Deshpande told reporters here.
The plant will be funded through the company’s internal accruals and commissioned in October 2017, a year after construction begins in October this year.
“We have floated tenders for bidders to build the plant in our facility. The plant will initially employ about 100 people,” company Managing Director Shamla Iqbal said on the occasion.
The century-old company, formerly known as Mysore Sandalwood Oil Factory, was set up in 1916 by then Mysore Maharaja Nalwadi Krishna Raja Wodeyar and his Diwan Sir M. Visvesvaraya to extract oil from sandalwood, which was first introduced in the market in 1918.
To mark its centenary, the company will honour 542 employees on July 30 with Rs 20,000 cash reward.
Chief Minister Siddaramaiah will inaugurate the centenary celebrations on July 30 in the presence of Union Minister D.V. Sadananda Gowda, who represents the Bengaluru Lok Sabha constituency as a BJP lawmaker.
The company posted net profit of Rs 47 crore on net sales of Rs 477 crore for the last fiscal (2015-16) as against Rs 45 crore net profit on total income of Rs 357 crore.
The company also plans to launch Mystic Agarbatthis (incense sticks) and Mysore Sandal Mango handwash during this fiscal.
“We are organising a 10-day soap fair at our premises showcasing our products, which will also be sold at 10 per cent discount,” Iqbal added.