Mishtann Foods is expanding its business in the ethanol production sector by setting up a 1,000 kilolitres per day (KLPD) plant at Dalpur, Prantij, Sabarkantha of Gujarat, according to wap.business-standard.
The grain-based plant will cost Rs 2250 crore and will generate annual revenue amounting to Rs 3500 crore. The plant is likely to employ more than 5000 people.
The stock of the company rose 2.52% to Rs 10.18 after the company disclosed the expansion plans that are in coordination with the “Atmanirbhar Gujarat, Atmanirbhar Bharat” initiative of the Indian Government and the Petroleum policy to blend 20% ethanol with petrol.
The plant will commence operations in the second quarter of 2024.
The government’s recent ban on the export of broken rice and 20% duty on exports of various grades of rice would provide an opportunity for the rice companies to enter into the ethanol production business, said the company in its statement.
It also stated that the reduction in shipments would escalate global food prices as India exports rice to more than 150 countries.
