Startup News Magazine

Gujarat-based Shree Ram Proteins Ltd sets up a new oil refinery

Expects to increase turnover by Rs. 150 to 200 cr

Rajkot, March 8: In its regulatory filing, NSE-listed Shree Ram Proteins Limited informed the investors and exchanges that the company would diversify its operations and set up a new oil refinery. The company has ordered a state-of-the-art refining plant for the new business segment.

The company stated that the total estimated Capital Expenditure for this new facility would be approximately Rs 22 to Rs 24 crore, which shall be contributed through internal accruals.

The company will be launching Rape Seed Oil, Groundnut oil, and Cottonseed oil by the end of January 2023. It comes under the category of edible refined oil and shall cater to the company’s domestic market.

The new project is expected to increase the company’s turnover by Rs 150-200 crores annually and increase the bottom line by Rs 15-20 Crores annually.

The company’s project is also eligible to avail various State and Central government incentives in the form of capital and interest subsidies and waiver of electric duty. This investment is entirely in line with our existing line of business and will provide operating efficiencies between the business segments.

Shree Ram Proteins is engaged in manufacturing de-oiled cottonseed cake and other related products. The company is among the very few manufacturers of this product in India. The company has been in operations since 2008 and has an established presence in western India.