The Board of Directors of Lucky Core Industries Limited (LCI), formerly known as ICI Pakistan Limited, has given its go-ahead to a capacity expansion of 200,000 tons per annum (TPA) at its soda ash plant in Khewra.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to inform you that the Board of Directors of Lucky Core Industries Limited has formally approved a capacity expansion of 200,000 tons per annum (TPA) at its soda ash plant in Khewra,“read the notice.
Upon completion, this expansion will increase the total installed capacity at the soda ash plant from 560,000 TPA to 760,000 TPA, it added.
“In this regard, the board has also authorised the management to finalise and execute agreements with respective technology and equipment suppliers,” added the company.
Back in May, LCI’s subsidiary Lucky TG (Private) Limited (LTG) announced to buy back its shares in proportion to the company’s shareholding, citing economic conditions.
LTG was established as a joint venture company between TGL and LCI, having a stake of 49% and 51%, respectively, with the primary objective of developing an advanced greenfield float glass manufacturing facility with a production capacity of up to 1000 tons per day.
However, the joint venture partners i.e. TGL and LCI remain committed to completing the project as soon as the economic environment becomes more conducive.
Incorporated in Pakistan as a public limited company as Khewra Soda Ash Company in 1953, LCI is engaged in five diverse businesses i.e. soda ash, polyester, chemicals & agri sciences, pharmaceuticals, and animal health.
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