INSUBCONTINENT EXCLUSIVE:
Indias second-biggest sugar producer will begin operations at a new plant from February.New Delhi: Triveni Engineering - Industries Ltd.,
whose shares have surged 200% this year, plans to double its biofuel production capacity to take advantage of the government's ambitious
molasses and damaged grains from February, Managing Director Tarun Sawhney said in an interview
The company, which is spending about Rs 350 crore ($46 million) on its expansion plans, operates seven sugar mills, besides running other
have planned to expand their capacities, he said, adding that states like Bihar and Odisha are offering additional incentives.The government
this year advanced its biofuel blending target to 2025, five years earlier than planned, to cut air pollution, trim oil import bills, help
soak up a local sugar glut and boost investment in rural areas
The world's third-biggest oil importer plans to spend about $7 billion on the program, which envisages tripling the nation's ethanol
output to about 10 billion liters a year.The company's renewed focus on biofuels could further support its blistering share price rally,
which has been drawing support from the government's reforms
The company's move indicates that a pick up in the pace of the country's ethanol output could help it cut a sugar surplus of about 8
million tons and eliminate the need to subsidize exports.With the start of the factory at Milak Narayanpur in Uttar Pradesh, India's top
sugar-producing state, and the completion of some other projects, Triveni Engineering's distillery capacity will climb to 660 kiloliters a
to about 3.4 million tons of sugar to make ethanol during the year that started in October, according to the Indian Sugar Mills Association
The world's second-biggest producer is estimated to produce 30.5 million tons of sugar this year.Triveni, which estimates its output to
stay flat at about 938,000 tons in 2021-22, has not booked any export contract so far during the current season due to unfavorable global
have also gone up in Uttar Pradesh, he said
export contracts as a sharp decline in global prices had made shipments unviable
The setback came at a time when the pace of new deals was gathering momentum
Indian exporters have so far inked deals to export 3.5 million tons during the current season.
