Balrampur Chini Mills has commenced commercial production of industrial alcohol at its new distillery in the Maizapur Unit in Uttar Pradesh.
The new distillery has a capacity of 320 kilo litre per day (KLPD) from Wednesday.
With this addition, the total distillation capacity of the company now stands at 880 KLPD. Another 170 KLPD at another unit in Balrampur is under implementation.
Aside of this, the company also commenced its buyback of equity shares on Wednesday. The board had approved a buyback worth Rs 145.44 crore at Rs 360 per share through the open market route.
This is the company's third share buyback in as many years after two previous ones in 2019 and 2020.
Additionally, raw sugar futures surged to a seven-month high on London Stock Exchange and five-month high on New York Stock Exchange on Wednesday amid concerns of Indian mills defaulting on contracts.
Balrampur Chini is among the leading sugar manufacturers in the country with a crushing capacity of 76,500 tonnes of Cannes per day across 10 plants.
Shares of Balrampur Chini are trading 1.1 percent lower at Rs 349.05.
