Triveni Engineering & Industries Limited (TEIL/Triveni) believes that the year 2023 is promising and holds immense value for the sector as the encouraging Government policies will have a snowball effect on the business of sugar and ethanol. Triveni is well positioned to be a key partner in the nation’s efforts to become a self-sufficient economic power – from Sugar to Alcohol to our Power Transmission, Defence and Water businesses.”
Mr. Tarun Sawhney, Vice Chairman and Managing Director of TEIL shared how the year 2022 went for the company. He said, “2022 has been an exceptional year for Triveni Engineering & Industries Limited (Triveni) with several new milestones added in its journey of growth and excellence. In our sugar business, we continued to uphold our legacy by employing, supporting, and engaging with more than 3,00,000 farmers a year. With farmer welfare at the core, we remained focused on their socio-economic development through various initiatives such as cane development activities, managing schools and financial assistance. During the year, we invested towards modernising three of our sugar facilities which will enhance the efficiency of operations and aid the profitability of the business in the years to come.”
“In our distillery business, we continued to support the Government to meet the target of 20% EBP (Ethanol Blended Petrol) Programme by 2025, by announcing plans to expand our distillation capacity to 1110 KLPD (Kilo litre per day) by setting up two more distilleries, up from present capacity of 660 KLPD. This year, both sugar and ethanol sectors were ably supported by proactive Government measures such as allocation of 60-lakh-ton sugar for export and raising the prices of ethanol extracted from sugarcane/grain. These pragmatic policies have brought positive sentiment in the industry and strengthened the commitment to fulfil the vision of EBP20 as well as bring immense benefits for the farmers community,” he added.
“Complementing the sugar business, our engineering businesses witnessed steady growth with a robust closing order book of Rs.1825 crore at the end of September 2022. During the year, Triveni has further strengthened its defence offering by focusing on providing critical technology and engineered solutions to Indian Navy and Indian Defence. This along with expanding global presence in the high-speed gear solutions will boost our market position in the power transmission business where Triveni is already a dominant market player regionally in product and aftermarket solutions. Water business also saw expansion in demand for clean water, both domestically and internationally as witnessed in our increased order booking, enquiry pipeline and international order wins such as Bangladesh,” said Sawhney.
This year, Triveni divested its entire 21.85% shareholding in Triveni Turbine Limited for a net consideration of Rs.1593 crore, creating significant value for shareholders. The profits from the divestment are planned to be used to fuel business development and expansion, as well as to reward shareholders. The Company has already announced a buyback of equity shares, at a price of Rs.350/share, amounting up to Rs.800 crore.
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