New Delhi, Jun 17 (UNI) Tilaknagar Industries Ltd, a leading manufacturer of alcoholic beverages, today said it plans to invest Rs 150 crore for capacity expansion and setting up greenfield grain-based spirit project.
''The company plans to invest Rs 150 crores to be requisitioned through debt, equity and internal accruals, for use in the expansion of the plant from 50 KLPD (Kilo Litres Per Day) to 100 KLPD and diversification to grain spirit-based alcohol plant,'' company said in a statement.
The Mumbai-based company has received the approval from the Excise Department for this purpose.
Taking advantage of the subsidies being given by the Maharashtra government, Tilaknagar Industries plans to set up a grain distillery plant capable of producing 1,00,000 litres of spirit per day in the state, the statement said.
For the year ended March 31, 2008, the company registered 87 per cent increase in its net profit at Rs 16.21 crore from Rs 8.65 crore in the last fiscal.
The company's gross sales stood at Rs 226.78 crores for FY08, a jump of 102.28 per cent, against Rs 112.11 crores in the previous fiscal.
''The increase in sales was driven by increased efforts in distribution and aggressive marketing inputs. We hope to sustain the growth pattern in the coming years, thereby maximising shareholders' returns,'' company Chairman and Managing Director Amit Dahanukar said.
UNI MP PDT UCS1741