Glycols buys UP-based SSAI for Rs47 cr, plans Rs180 cr investment

New Delhi, Dec 16 (UNI) India Glycols Ltd (IGL), country's leading petrochemicals&specialty chemical player, today said it has acquired 96.56 per cent stake in Shakumbari Sugar&Allied Industries Ltd (SSAI) for Rs 47 Crores and will further invest Rs 180 crore for expansion.

Uttar Pradesh-based SSAI has a crushing capacity of 3,200 Tonnes Per Day (TCD) along with a modern distillery of 40 kilo litres per day (KLPD).

''With this acquisition, the company would be vertically integrated to captively produce additional ethanol requirements,'' a company statement said.

The Rs 1400 Crores company would be going to further enhance the capacity of this unit from 3200 TCD to 7000 TCD whereas the distillery's capacity would be expanded to 250 KLPD from the present 40 KLPD.

IGL also plans to hike SSAI's cogeneration captive power capacity of 8MW to 40-50 MW ,the statement said.

The company intends to sell the additional power for after meeting the captive requirement.

UNI