Gujarat Ambuja Exports gains on signing MoU with Gujarat Govt

Gujarat Ambuja Exports rose 2.08% to Rs 243.50 after the company entered into a memorandum of understanding (MOU) with the Government of Gujarat to setup a 900 tonne per day (TPD) Greenfield corn wet-milling plant at Himmatnagar, Gujarat.

The manufacturing facility would 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 facility will be setup 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 crores, which would be financed via internal accruals.

 

The company said that the MOU is subject to the necessary approvals and clearances from the concerned authorities.

Gujarat Ambuja Exports (GAEL) is involved in the manufacturing of corn starch derivatives, soya derivatives, feed ingredients, cotton yarn, and edible oils. The company serves the food, pharmaceutical, feed and many other industries with a long term growth strategy in the agro-processing sector.

The company reported 22.1% fall in consolidated net profit to Rs 81.92 crore on 8.7% decline in net sales to Rs 1,129.86 crore in Q3 FY23 over Q3 FY22.

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