Gujarat Ambuja Exports Ltd. (GAEL) has entered into an MoU with the Government of Gujarat for setting up a 900-tons per day (TPD) greenfield corn wet milling plant at Himmatnagar in Gujarat.

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The company expects the Greenfield expansion plan to be completed by 2025, by which the company’s total maize processing capacity will reach the 6,000 TPD level.

The capital expenditure for the expansion project is Rs 333 crore and the company is sourcing funds via internal accruals. The facility is being set up adjacent to the existing 550 TPD corn wet-milling plant.

However, the MoU is subject to the necessary approvals and clearances from the authorities concerned.

The state-of-the-art 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.

For the December quarter, the company posted a net profit of Rs 81.92 crore as against a net profit of Rs 64.10 crore in the September quarter. The total income surged to Rs 1,129.86 crore from Rs 1,077.77 crore in the September quarter.

Gujarat Ambuja Exports Ltd. is a leading player in the agro-processing industry. The company is one of India’s major manufacturers and exporters of refined soya bean oil, refined palm oil, refined cottonseed oil, starch, and derivatives.

Shares of Gujarat Ambuja Exports Ltd. are trading 2.10 percent higher at Rs 243.25.

(Edited by : Rukmani Krishna)