BSE-listed Rasoya Proteins, producers of soya-based products and edible oils, has commenced commercial production of 1,000 tonnes a day at the solvent extraction unit at Buldhana in Maharashtra.

The solvent unit was part of the new extraction and refinery unit being set up by the company in Buldhana. The company's investment in the refinery had received the Mega Project status from the Maharashtra Government.

The Nagpur-based company intends to utilise the Rs 146 crore raised recently through issue of Global Depository Receipts for funding the Buldhana project. It had allotted 10,44,571 GDR to the Bank of New York, depository to the GDR holders. The GDR allocation was equivalent to 2,08,91,420 equity shares.

At present, the company has a modern crushing factory spread on 70 acres at Wani in Yavatmal, Maharashtra. Last fiscal, Rasoya Proteins had crushed 1.62 lakh tonnes of soyabean and registered a turnover of Rs 424 crore against Rs 370 crore, recording a rise of 15 per cent. The company expects its turnover to double by next fiscal with the production at Buldhana achieving its optimal capacity.

Sale of surplus power produced at the 10-MW captive plant also helped the company boost its revenue. It had signed a power purchase agreement with Maharashtra State Electricity Distribution Company for sale of 7.5 MW a hour. Rasoya Proteins has managed to achieve economy of scale in power production by entering into long term supply contract with coal producers in Wani which is known for its coal reserves.

The company's shares on BSE hit a new high of Rs 89.40 on Monday.

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