Riddhi Siddhi Gluco Biols to double maize processing, treble exports

Ahmedabad, Apr 11 (UNI) Global wet corn-miller major Rouquette Freres of France has invested Rs 31.73 crore towards acquiring 14.95 per cent stake in Ahmedabad-based Riddhi Siddhi Gluco Biols Limited (RSGBL) to part fund the latter's expansion plan.

Briefing newsmen here today, RSGBL chairman Sampatraj L Chowdhary said his company is setting up a Rs 120-crore new plant at a greenfield site near Pant Nagar in Uttaranchal to process 165,000 tonnes of maize.

The plant is scheduled to be completed by March 2007 and increase the company's production from 850 tonnes per day (tpd) to 1300 tpd, besides upgading its existing plants at Pondicherry, Gokak (Karnataka) and Viramgam (Gujarat).

He pointed out that the company has chalked out an expansion plan to double its turnover from Rs 250 crore in 2005-06 to Rs 500 crore in 2009-10, and also treble its exports from 5 per cent to 15 per cent over the same period.

Mr Chowdhary exuded confidence that their association with Euro 2-billion French company would help propel increase the product ranges and research activities too at the company's Pondicherry facility.

Roquette Freres chairman Marc Rouquette, who spcially flew in here to sel the tie-up, expressed his desire to increase his company's presence in India, introduce polyols and other high-tech products and bring its strong Research&Development (R&D) base in India.

UNI VKC PP SKB1922