London-based Athena Capitals to invest in Hydrise Group of Companies to set up ethanol Plant in Seoni, MP
Apr 16, 2022
New Delhi [India], April 16 (ANI/PNN): On a recent visit to London, industrialist and promoter of Hydrise Group and Trade Commissioner Tanzania, Anuj Kumar Agarwal, got funding of Rs 50 crores, in Hydrise Group of Companies to set up an ethanol plant in Seoni, Madhya Pradesh.
Athena capitals based in London will be investing Rs 50 crores for the ethanol plant.
Already in its final stages, the ethanol plant is expected to start its production in the year 2023. Under the Make in India initiative of the Government of India, by 2025, 20 per cent of the manufacture of ethanol will be provided to the government of India as stated in the mandate. The Ethanol plant will have a capacity of 300 KLD per day which will require 650 Tonnes of broken rice as raw material.
On the occasion, Anuj Agarwal said "This would benefit farmers and fast track the programme of ethanol blending with petrol to reduce dependency on oil imports. The government of India has set a target of achieving 8.5 per cent ethanol blending this year, followed by 10 per cent next year and 20 per cent by 2025. We are definitely all set to make out contributions to achieving the target. This will also generate employment opportunities for thousands of people.
I would also like to thank the Madhya Pradesh Government for providing all the requirements to establish the ethanol plant. I am sure this will also generate employment opportunities for thousands of people.
In the next 5 years, I would definitely like to believe that the group would be among the top players in the FMCG segment. Capturing a majority stake in the market is still some paces away but being able to give tough and healthy competition to the major players and being consumers' favourites would be our top priority. We plan to go all-out in terms of market reach through extensive business chains. Retailing through online stores as well as physical stores would be on our list of expansion strategies. To achieve the same we already have a well-established distribution network." Adds Anuj.
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