Gujarat Ambuja Exports trades 3% higher on capacity expansion plan

The greenfield expansion is expected to be completed by 2025.

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Gujarat Ambuja Exports traded nearly 3 percent up intraday on February 21 after it entered into an agreement with the Gujarat government for a project worth Rs 333 crore.

Gujarat Ambuja Exports has signed a Memorandum of Understanding (MoU) with the state government to set up a 900-TPD Greenfield Corn Wet-Milling plant at Himmatnagar, Gujarat, the company said in a release.

The manufacturing facility will have a capacity of 550 TPD of Maize Starch Powder, 50 TPD of Malto-Dextrin Powder and 300 TPD of Feed Ingredients. The greenfield expansion is expected to be completed by 2025, the company said.

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The facility will be set up adjacent to the existing 550 TPD Corn Wet-Milling Plant. With this, the company’s total Maize processing capacity will reach 6000 TPD by 2025.

The cost of the project would be Rs 333 crore, which would be financed through internal accruals.

At 11:44am, Gujarat Ambuja Exports was trading at Rs 244.45, up Rs 5.90, or 2.47 percent, on the BSE.