Hyderabad, Feb 2 (PTI) NSL Sugars, part of city-based NSLGroup, today said its Krishnaveni Sugars has commencedoperations.
It is an integrated sugar, co-generation power and fuelgrade ethanol project set up at Kothakota Mandal ofMahbubnagar district in Andhra Pradesh.
According to NSL, the group invested Rs 350 crore tobuild the integrated sugar complex. The overall cost of theproject has been funded through a mix of internal accruals anddebt.
The plant consists of 3,500 tonnes crushing per day (TCD)sugar unit besides 28 MW Cogen power plant and 45 kilo litresper day (KLPD) capacity Fuel Grade Ethanol plant. NSL hasplans to expand the sugar unit capacity to 5,000 TCD in nearfuture.
M Prabhakar Rao, Chairman, NSL Group, said the Greenfieldproject is the stepping stone for the company to realise avision to become a major player in the country.
"Since our sugar business vertical has already been wellestablished in Karnataka, Mahbubnagar plant will help usexpand into Andhra Pradesh significantly besides increasingour market share in other states. We are expecting theturnover of our sugar business to touch Rs 550 crore thisyear," Rao said in a statement.
The project would enrich the commanding area by thecultivation of commercial crops like sugarcane in 20,000 acresand will also generate direct employment to 500 people andindirect employment to thousands of farmers in surroundingarea, the company said.
NSL Sugars already has three of its plants operating inKarnataka with a total sugar cane capacity of 9000 TCD.
Krishnaveni Sugars is the first plant, which has been set upin Andhra Pradesh.