India Glycols trades 3% higher on Rs 242-cr capacity expansion plan

The company said it is doing this because of increase in demand of ethanol and captive requirements.

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Shares of India Glycols traded in the green on August 8 after the company announced its Rs 242-crore capacity expansion plan for two projects. The stock quoted 2.82 percent higher at Rs 654 as of 1pm on the BSE.

India Glycols said the Board of Directors at its meeting held on August 7 approved to enhance the capacity of grain-based distillery at its Kashipur (Uttarakhand) plant. The capacity will be expanded from 300 Killolitre per day (KLPD) to 500 KLPD.

The work will be done in two phases with the first 100 KLPD capacity addition by Q3FY24 and the next 100 KLPD by the Q4 of the same fiscal. The company will spend Rs 160 crore on this project which will be met by internal accrual and bank financing.

The company said it has embarked on the capacity expansion plan in the face of surging demand for ethanol and captive requirements.

In view of growing demand for speciality chemicals for various end-markets, the company is in the process of expanding facilities for new value-added chemical products, India Glycols said.

This is the areas of bio-based specialty and performance chemicals segment which includes carbon smart products. The project is being implemented in phases having a total production capacity of around 10,000 million tonnes per year and involves a cost of around Rs 82 crore and is expected to be completed by Q4FY24.