Anil Products to invest Rs 500 crore for capacity creation

Ahmedabad, Dec 3 (UNI) The City based Anil Products (APL) today announced that it would be investing Rs 500 crore in the next three years for enhancing its capacity creation in valued added corn products.

Addressing mediapersons here, APL Managing Director Amol Sheth said ''After the expansion the annual turnover of APL will rise from the present Rs 215 crore to around Rs 1,200 crore in the coming years.'' The APL is one of the oldest and largest Corn Wet Milling (CWM) units in India producing complete range of starches from basic Maize Starch to modified and speciality starches and related down stream products like Dextrose Monohydrate, Anhudrous, Dextrose, Corn Syrup and Sorbitol, said Mr Sheth.

Announcing the listing of APL on the Bombay Stock Exchange (BSE) Mr Sheth said ''Our listing on BSE is a momentous and proud moment for all of us at APL. This will play a critical role in our plan to tap the emerging opportunities and expand the corn wet milling business by establishing a presence in global markets while consolidating our presence in the Indian market. Our listing at BSE will help more investors to participate in our growth story.'' ''The expansion will also open the door for export of value added products of the company. We are aiming to export to Far-East, Middle-East and African countries,'' he said.

The Company registered a turnover of Rs 215.26 crore in 2006-07 with a net profit of Rs 5.47 crore, the earning per share being Rs 7.40.

The APL is already listed on Ahmedabad Stock Exchange (ASE). The Company has an equity capital of Rs 7.40 crore. The promotors hold 58.73 per cent of the equity, while the balance is with public and institutions, Mr Sheth added.

UNI