Gujarat Ambuja Exports soars on plans to set up new corn wet milling plant

Gujarat Ambuja Exports jumped 4.96% to Rs 178.80 after the company announced its decision to setup a greenfield corn wet milling plant at Sitarganj, Uttaranchal (Uttarakhand).

The corn wet milling plant is being set up for the manufacturing starch, starch derivatives and polyols viz., sorbitol, maltitol and mannitol.

The company's existing corn wet milling plants (Unit I and Unit II) have a capacity of 750 tonnes per day (TPD), with capacity utilization rate of 90%.

The proposed capacity addition of 1000 TPD (Unit III) would be done within a period of 18 months.

The cost of the same would approximately be between Rs 400 crore and Rs 500 crore, which would be financed via internal accruals.

Gujarat Ambuja Exports is involved in the manufacturing of corn starch derivatives, soya derivatives, feed ingredients, cotton yarn, and edible oils.

The company's consolidated net profit rose 41.72% to Rs 103.17 crore on a 16.43% increase in sales to Rs 1151.82 crore in Q2 FY22 over Q2 FY21.

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