Modi Naturals (MNL) has decided to set up an ethanol plant in Chhattisgarh, reports Business Standard.
The MNL has incorporated a 100% wholly-owned subsidiary named Modi Biotech (MBPL) for this project. The central government has granted permission to set up 210 LKD distillery for manufacturing ethanol.
The company will be investing Rs 250 crore for the next two years in a phased manner with an investment of Rs 160 crore to set up a 110 KLD plant in the first phase.
According to the news published in the Business Standard, the project will be funded with a combination of internal accruals & debt for which the company has already received the inprinciple approval from its banks.
