Southern Online achieves financial closure for second plant

Southern Online Biotechnologies Limited has achieved financial closure for its second biodiesel unit with a capacity of 250 tonne per day coming up at Visakhapatnam in the APIIC multiproduct SEZ. The project is estimated to cost Rs 90 crore.

The company has raised Rs 36 crore equity through preferential allotment of shares and warrants to promoters and high networth individuals at various price levels and Rs 54 crore term loan from banks, said managing director N Satish Kumar. The company expects to begin operations in the third quarter of this fiscal and targeting a turnover of Rs 250 crore in the first year, a release said.