Shree Ram Proteins spurts ~5% on plans to set up new factory at Tambov, Russia

29 Jun 2022 , 12:22 PM

Shree Ram Proteins Limited informed that the company will be diversifying its operations and setting up a new Sunflower Oil Processing Factory at Tambov Russia, with a capacity of 500 tons per day of raw material.

To set up the proposed factory, the company has taken Land on a Lease of 99 years.

Further, the company has also acquired 469 hectares of Tea Garden Area in Silchar, Assam.

Currently, Company is selling Tea Leaves, Tea Processing Machines will be installed within a year and it will start commercial operations tentatively by June 2023. As of now, the company has planned for exporting to Russia, Europe, Japan, and the UK, etc.

In reference to Intimation dated March 5, 2022, W.r.t new business segment, Company is planning to sell Processed Edible Oil under its Registered Brand Name “Bhagyalaxmi” in Phase 1.

The Russia project of the company will be launched by December 2022.

At around 12.26 PM, Shree Ram Protein’s counter was trading at Rs92.95, up by 4.97% against its previous close of Rs88.55 on NSE. So far in the day, it hit intraday high and low of Rs92.95 and Rs87.25 respectively.