New Delhi – Gulshan Polyols is investing INR 1.5bn (€17m) to expand its grain division. The planned capex is to upgrade grain processing divisions in Gujarat and Uttar Pradesh, as outlined in the company’s Q3 2022-23 presentation last December. The company expects the investment will lead to a 20% increase in the total combined capacities of the plants.
Announcing Q3 results during a board meeting in January, Gulshan’s management said: “We continue to remain one of the dominant players in the grain processing segment on the back of enhanced product portfolios, vast industry experience and geographic reach. The underlying growth in these industries has led to robust demand for our products and has allowed Gulshan to meaningfully contribute to the ‘Make in India’ theme by focusing on product development that allows large scale import substitution.”
Overall revenue from operations saw robust growth, and stood at INR 3.3bn (€38m) in Q3 FY23, increasing from INR 2.9bn (€33m) in Q3 FY22, despite continued peak utilisation of manufacturing capacity.
The company operates in three main business verticals – grain processing, ethanol (for bio-fuel and food use), and mineral processing.