Epsilon Carbon, a leading coal tar producer, has entered into an agreement with Sri Anagha Refineries to establish the country's first molten pitch storage tank facility in Mangalore.

It will be a first-of-its-kind molten pitch storage facility with a capacity of 10,000 tonnes. The port facility will have a draft of 14 metres and will allow vessels up to DWT (dead weight tonnage) of 100,000 tonnes to berth.

Intending to double capacity by 2025, the company is targeting ₹2,200 crore ($300 million) revenue from this facility in the next five years. Being a qualified supplier, the company plans catering to global aluminum smelters which is mostly served by China. Epsilon Carbon expects to enter into long-term supply contracts with global customers during this financial year.

Saiprasad Jadhav, CEO, Epsilon Carbon, said the company aims to produce 3 lakh tonne of coal tar pitch annually, and with the metal upcycle, many global players are seeking enquiries.

The proposed facility will help reduce transit time from China and offer a valuable ex-China solution for our customers, he added.