Mishtann Food Limited has announced plans to set up a 1,000 Kilolitres Per Day (KLPD) grain-based ethanol manufacturing facility in Gujarat.
The company's recent investment, launches of new products and order book are expected to improve the financials further in coming quarters.
Engaged in the production and marketing of a large variety of rice, pulses and other edible products, the company is looking to set up its manufacturing facility in Dalpur village of Sabarkantha district of Gujarat. It has executed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up India's biggest Grain Based Ethanol project of 1000 KLPD in Gujarat.
"The proposed project is likely to incur a cost of Rs2,250 to the company, with an estimated annual revenue projection of Rs3,500 crore for the company. Mishtann is aiming to commence the operations of the plant from the second quarter of 2024, the company said in a regulatory filing.
In accordance with the 'Atmanirbhar Gujarat, Atmanirbhar Bharat' initiative of the Government of India, the aforesaid plant would be used to produce ethanol and the petroleum policy of adding ethanol as an additive to reduce the burden on the import of crude oil.
Under the roadmap from ethanol blending in India 2020-25, the Government of India has promoted the setting of such ethanol plants to reduce its dependence on crude oil imports. Ahmedabad-headquartered Mishtann Foods has journeyed into unchartered spheres and territories, elevating en route the industry standards due to stringent quality control practices; it is on a growth path with several new plans.
At around 9:49 AM, Mishtann Foods was trading at Rs10.26 per share higher by 1.18% on the BSE.
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