Epsilon Carbon signs USD 20 mn pact with Alba; eyes IPO by 2027-end

Manama, Nov 2 (PTI) Leading coal tar pitch Epsilon Carbon on Sunday announced that it has signed a USD 20-million memorandum of understanding with Aluminium Bahrain (Alba) to explore a long-term supply of liquid coal tar pitch to the Middle East region.

Speaking with PTI on the sidelines of the 3rd Gateway Gulf Investment Forum here, Epsilon Carbon Managing Director Vikram Handa said that the company looks to boost its Coal Tar Pitch (CTP) production capacity to 300,000 tonnes by next year to cater to growing demand from the Middle East.

CTP is used to manufacture carbon anodes and cathodes for aluminium smelting and for EV batteries.

“We look to export more and more, and we wanted to take the opportunity to bring a local supply chain to Bahrain.

“Between the smelters in Bahrain, Qatar and Saudi Arabia, about 250,000 tonnes of pitch is consumed every year. Most of it comes from China, Japan and India, from us. So, our facility here will be a melter where we will transport pitch from India to Bahrain,” Handa said.

The collaboration with aluminium smelter Alba is an important step toward sustainable industrial growth, he further said.

“With our coal tar distillation capacity set to reach 750,000 tonnes by 2027 and a USD 20 million investment in Bahrain, we aim to strengthen regional collaboration and supply chain resilience,” Handa explained.

Epsilon Carbon has manufacturing units in Karnataka, Chhattisgarh and Odisha. It is also expanding battery material operations globally, including in the US, Finland, and Germany.

Epsilon aims to enhance the CTP manufacturing capacity to 3,00,000 tonnes by next year from 1,80,000 tonnes currently.

"In Odisha, we have announced a Rs 10,000 crore investment, and in Karnataka, we’re investing Rs 500 crore," Handa said.

He further said that the company’s rapid growth and global expansion have set the stage for its next big move - going public by 2027.

“Looking at the scale of our expansion, we are hoping to go public by 2027-end,” he said. PTI DR MR