Ganesh Benzoplast consortium ventures into production of Ethanol and Extra Neutral Alcohol in Nasik

Ganesh Benzoplast Limited along with Singapore based Golden Agri International Enterprises Pte. Ltd., K N Agri Resources Ltd and other investors, through - Bluebrahma Clean Energy Solutions Pvt Ltd. - has ventured into production of Ethanol and Extra Neutral Alcohol (ENA) by acquiring 100% shareholding in an ongoing distillery in Nasik district of Maharashtra, Sagar Industries and Distilleries Pvt. Ltd. (SIDPL).

Govt. of India has mandated the use of Ethanol by the Oil marketing Companies to blend with petrol to make 'Clean Fuel'. Recently India has achieved 9Yo Ethanol blending in petrol and has a target of 20% Ethanol blending by 2025. While ENA is a good solvent, it is also used in the production of some lacquers, paints and ink for the printing industry, as well as in pharmaceutical products such as antiseptics, drugs, syrups, medicated sprays and as a key ingredient for making bottled liquor.

The facility has an existing capacity to produce 1,00,000 liters of ethanol / per day and is being upgraded to 1,60,000 liters of ethanol I per day by adding latest technology in Multi pressure distillation and effluent treatment equipment. Approximately 50% of the yearly production capacity has already been underwritten with orders in hand for 130 Lac Liters for petrol blending alone from HPCL, IOCL and BPCL and Reliance. Production has commenced on 26th Febru ary, 2022 and supplies to the OMCs have commenced in first week of March 2022.

Chairman and Managing Director Mr. Rishi Ramesh Pilani adds "we are excited and pleased to foray in fast growing Biofuel opporlunity. Biofuels are one of the best near-term solutions to climate change. The Government plans to significantly reduce emission with an emphasis of blending 20oh ethanol with petrol by 2025. This opportunity is a perfect synergy with our existing business. We look forward to working along with consortium in this space".

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 99.80 as compared to the previous close of Rs. 99.60. The total number of shares traded during the day was 12342 in over 378 trades.

The stock hit an intraday high of Rs. 101.50 and intraday low of 98.40. The net turnover during the day was Rs. 1238005.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 Consortium Ethanol ExtraNeutralAlcohol Acquisition Distillery Nasik