EID Parry India's board of directors approved setting up a 120 KLPD grain/sugar syrup/molasses based distillery at the company’s Sankili unit in Andhra Pradesh.
The share price of EID Parry India rose nearly 3 percent on Wednesday as the board of directors approved setting up a 120 KLPD grain/sugar syrup/molasses based distillery at the company’s Sankili unit in Andhra Pradesh.
Recommended ArticlesView All
Delhi fails to get a mayor for third time — What's the issue and what happens next
Feb 6, 2023 IST4 Min(s) Read
India opposes Hindustan Zinc's buyout of Vedanta's global zinc assets: Exclusive
Feb 6, 2023 IST2 Min(s) Read
Vodafone-Idea Saga — Three parents but none to love
Feb 6, 2023 IST6 Min(s) Read
World Cancer Day 2023: Early detection is crucial for reducing the global burden
Feb 4, 2023 IST5 Min(s) Read
The existing capacity at the unit was 297 KLPD with a 90-95 percent capacity utilisation presently.
The proposed capacity is expected to be added by November 2022 and would entail an estimated investment of Rs 92.50 crore.
This capacity expansion plan comes on the back of the Indian government's announcement of an Ethanol Blending Programme of 20 percent by 2025. EID Parry intends to avail this opportunity by increasing its foray into ethanol production.
Also Read | Stock Market LIVE Updates: Sensex, Nifty trade flat; banks, metals gain; IT auto stocks under pressure
“The proposed distillery will utilize sugarcane juice/syrup as its principal feedstock during the cane crushing season and grains like broken rice/maize/bajra during the off season for the manufacture of ethanol, which is expected to have an assured off take by the Oil Marketing Companies under a clear pricing mechanism,” said the Chennai-based company.
At 0936 IST, shares of EID Parry were trading 1.7 percent higher at Rs 410.90.
The company’s scrip has zoomed 98 percent in 3 years compared to Nifty500 index that jumped 50 percent during the same period.