Gujarat Ambuja to set up 1000 TPD Greenfield Corn Wet Milling plant in Uttaranchal; Stock gains 6%

The company estimated the required investment between Rs 400 crores to Rs 500 crores.

January 17, 2022 12:40 IST | India Infoline News Service
Sanwaria Consumer
In a latest update, Gujarat Ambuja Exports Limited announced its plans for settling up of Greenfield Com Wet Milling Plant to manufacture Starch, Starch Derivatives and Polyols viz., Sorbitol, Maltitol, and Mannitol at Sitarganj, Uttaranchal.

The plant has an existing capacity of 750 TPD for Unit I and Unit II and the company utilize about 90% of its existing capacity. The proposed capacity addition of 1,000 TPD will increase the overall capacity to 1,750 TPD. The proposed capacity shall be added within a period of next 18 months. The company's estimated investment for expansion is between Rs 400 crores to Rs 500 crores.

The said expansion will be financed from the internal accruals of the company.

Gujarat Ambuja Exports (GAEL) is principally involved in the Agro-processing business with dominance in Maize products and Edible oils. It competes in the domestic and global markets and caters to the food, pharmaceutical, and feed industry.

Gujarat Ambuja is currently trading at Rs180.20 up by Rs9.85 or 5.78% from its previous closing of Rs170.35 on the BSE.

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