Mishtann Foods proposes to set up Ethanol manufacturing facility; Stock jumps 6.4%

20 Sep 2022 , 09:18 AM

Mishtann Foods Ltd. has proposed to set up a 1000 KLPD (Kilolitres Per Day) Grain based Ethanol manufacturing facility at Village Dalpur, Taluka Prantij in Sabarkantha District of Gujarat, the company said.

This plant is being set up in coordination with the “Atmanirbhar Gujarat, Atmanirbhar Bharat” initiative of Government of India and the Petroleum policy of adding ethanol as additive to reduce burden on import of crude oil.

The Government of India under the Roadmap from Ethanol Blending in India 2020-25 has promoted the setting of such Ethanol Plants. Accordingly, Mishtann Foods has executed a Memorandum of Understanding (MoU) with the Gujarat Government for setting up India’s biggest Grain Based Ethanol project of 1000 KLPD in Gujarat. The estimated project cost is to the tune of Rs2250 crore, providing employment to 5000 plus people directly or indirectly and is expected to generate annual revenue of approximate Rs3500 crore.

Mishtann has initiated the required steps to move forward with the project efficiently with a view to commence the grain-based Ethanol plant as desired from second quarter of the year 2024.

The Company had earlier bagged several orders for its Mishtann brand Salt from major retail stores. Earlier, Mishtann had rewarded Shareholders with bonus equity shares in the proportion of One Share for every One share (1:1).

At around 9:18 AM, Mishtann Foods was trading at Rs10.58 per share higher by 6.44% on the BSE.

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