Coastal Corporation Ltd starts work on Rs. 150 crore Ethanol Project in Odisha

Coastal Corporation Limited (NSE: COASTCORP; BSE: 501831; BB Code: CTW IN), one of the oldest and leading export-oriented shrimp processor, today announced that it started work on its Ethanol Plant. Hon. Chief Minister of Odisha, Shri Naveen Patnaik, performed Ground Breaking Ceremony (Bhoomi Pujan) at Maringhi Village, Gajapati District, Odisha on Tuesday, November 30, 2021.

Coastal Biotech Private Limited, a wholly owned subsidiary of Coastal Corporation Limited will set up an ethanol project with an installed capacity of 198,000 KLPD spread across 30 acres of land at an estimated capex of INR 150 crore. The plant is likely to commence production by March 2023. The Engineering, Procurement and Construction (EPC) contract is given to Excel Engineering, Pune.

Commenting on this auspicious occasion, Mr T Valsaraj, Managing Director & Vice Chairman, Coastal Corporation Limited said, "We are honoured that Shri Naveen Patnaik, Hon. Chief Minister of Odisha, Government of Odisha performed Ground Breaking Ceremony (Bhoomi Pujan) of Ethanol Project in the presence of several other dignitaries on the occasion. We are committed and are working for national development as the Ethanol Blended in Petrol (EBP) measure is not only aimed at reducing the country's oil import bill and carbon dioxide pollution but also improve energy security and selfsufficiency measures."

Update on Kakinada Expansion Project:

• Integrated Cold Chain project at KSEZ, Kakinada, A.P. is spread across 10 acres to commence production in January 2022.
• New capacity of 35 MTPD will widen the value added product basket into breading / marinated products which is high margin product.
• The company is quite confident that this greenfield unit will take the company to the next level of growth by almost doubling its production from the existing 23-25 tons per day levels to around 45-50 tons per day.

Business Update:

• New Shrimp processing facility at Haridamada, Khordha Odisha at an estimated capex of INR 40 crores.
• Brownfield expansion at Odisha with additional capacity of 35 MTPD will further widen the value added product basket.
• Installed Captive Solar Power Plant - 3.6 MW at capex of INR 14 crore resulting into reduction of per unit power cost from INR 7-8 to INR 3-4 per unit (NET savings of approx. INR 4 crore annually).

Shares of COASTAL CORPORATION LTD. was last trading in BSE at Rs. 255.85 as compared to the previous close of Rs. 254.10. The total number of shares traded during the day was 1110 in over 58 trades.

The stock hit an intraday high of Rs. 257.15 and intraday low of 252.00. The net turnover during the day was Rs. 282377.00.

Source : Equity Bulls

Keywords

COASTALCORPORATIONLTD INE377E01016 EthanolProject Odisha