Ponni Sugars (Erode), which is awaiting formal clearance for a new composite sugar mill, plans to modernise its existing sugar mill at Erode at a cost of Rs.10 crore.
The modernisation will increase its capacity to crush about 10 lakh tonnes sugarcane a year from the current 8.5 lakh tonnes and it will be funded through internal accruals.
At the annual general meeting the company will seek its shareholders approval to hike its borrowing limit to Rs 250 crore from Rs 100 crore. The move is aimed at paving way for a new composite sugar mill with distillery and cogeneration facility. The company has sought the State Governments clearance and allocation of sugarcane area. The project would include a 2,500 tonne a day sugarcane mill, 20 MW cogeneration unit and a 60 kilolitre a day distillery.
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| Posted : 7/12/2006 |
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