Goa Carbon Limited has informed that its board of directors has approved the formation of wholly owned subsidiary outside India to invest in Joint Venture Company in China to manufacture 10,00,000 MT per annum of Calcined Petroleum Coke Utilizing the Vertical Shaft Kiln Technology.

During the first phase of the project implementation, the Joint Venture company will setup a facility to produce 2,50,000 MT per annum of Calcined Petroleum Coke with a total investment outlay of approximately Rs 200 crores.

Reports suggest that the demand for aluminum is likely to grow at the rate of 5.7% per annum out of which, the demand in India and China is expected to grow by 8% to 9% respectively.

According to a study, the production of aluminum is expected to grow from 40 million tones to 70 million tones in 2015 and 50% of 70 million tones is going to be produced in Asia, China and Middle East.

Therefore, China is going to play a very important role in the new scenario and the Joint Venture Company will target this global market by supplying CPC to these International Aluminium Smelters.

Presently, the company is in the process of identifying a suitable Joint Venture Partner.

The project is expected to be commissioned before end of 2010.