Shares of India Glycols traded in the green on August 8 after the company announced its Rs 242-crore capacity expansion plan for two projects. The stock quoted 2.82 percent higher at Rs 654 as of 1pm on the BSE.
India Glycols said the Board of Directors at its meeting held on August 7 approved to enhance the capacity of grain-based distillery at its Kashipur (Uttarakhand) plant. The capacity will be expanded from 300 Killolitre per day (KLPD) to 500 KLPD.
The company said it has embarked on the capacity expansion plan in the face of surging demand for ethanol and captive requirements.
In view of growing demand for speciality chemicals for various end-markets, the company is in the process of expanding facilities for new value-added chemical products, India Glycols said.
This is the areas of bio-based specialty and performance chemicals segment which includes carbon smart products. The project is being implemented in phases having a total production capacity of around 10,000 million tonnes per year and involves a cost of around Rs 82 crore and is expected to be completed by Q4FY24.
