Nissan Copper, a BSE listed company, on Saturday, announced their plans to set up another copper tube drawing plant with a capacity of 6,000 tonnes per annum (TPA) at its existing location in Silvassa, Gujarat involving an investment outlay close to Rs 100 crore.

Speaking to Deccan Herald, Managing Director Ratan Mardia said this expansion will start next year and will be completed within a timeframe of two years.

 “To begin with, we have just acquired the land adjacent to our existing plant for this purpose, however, other formalities such as requisite clearances are still to be obtained formally,” he added.

On financial closure, Mr Mardia said “We are very far away from that. The board has cleared the expansion and we have acquired the site to implement the project, but we are still to decide on the funding pattern.”  Apart from internal accruals, he said, the company may go in for either a debt or follow on public offer (FPU).

 He pointed out that the company has just completed the expansion project for copper tube drawing at Umbergaon unit in Maharashtra, for which it had raised funds through IPO in December 2006, and the impact of this expansion will be reflected in the last quarter of current fiscal.

Mr Mardia said the company expects to post a turnover of close to Rs 130 crore in current fiscal ending March 31, 2008.