Haldia (West Bengal), June 24 (IANS) Emami Group on Wednesday said that it is planning to set up a refinery in Gujarat at an investment of Rs. 200-250 crore.
“We have plans to come up with a refinery in Gujarat. Land is not finalized yet but we would require around 35-40 acres,” director Manish Goenka told media persons here.
“Around Rs. 200-250 crore will be pumped in it,” he said.
Goenka said the group has set a revenue target of Rs. 5,500 crore for the ongoing fiscal.
“Our turnover was Rs.4,500 crore last year. This year, we hope to end at around Rs.5,500 crore. We expect an increase in net profit from Rs.15 crore last year to Rs.50 crore this year,” he said.
Asked about the performance of the brands under the group’s umbrella, he said: “All our brands are performing well and we are expecting around 20-30 percent growth in our edible oil brands”.
The company is also expanding its refining capacity for rice bran as well as sunflower oil with where it is investing Rs.100 crore.
“The commissioning (for capability expansion) will be done in August,” said Goenka.
Emami Agrotech Limited, part of the group, has recently set up a multi-feed biodiesel plant at Haldia in technical collaboration with Desmet Ballestra, an Italian major to manufacture bio-diesel conforming to EN and BIS standards. It has daily production capacity of 300 tonnes.
“With the continued support from the central government, we hope for increased adoption of bio-diesel in ports, transport sector and railways,” said another director Aditya V. Agarwal.