IREDA Sanctions INR 180 Crore Loan for Jagatjit Industries' Ethanol Facility in Punjab
The Indian Renewable Energy Development Agency (IREDA) has approved a term loan of INR 180 crore for Jagatjit Industries Ltd (JIL), facilitating the establishment of a state-of-the-art ethanol facility in Punjab.
October 18, 2023. By News Bureau
The project, with an estimated total investment of around INR 210 crore, aims to make a substantial contribution to the biofuel sector while boosting the company's revenues. The primary objective of this facility is to produce ethanol for blending with petroleum, aligning with the country's renewable energy goals.
In an official statement, JIL disclosed that the sanctioned term loan will be utilised for the construction of a 200 kilo litre per day grain-based ethanol distillery plant, situated across 25 acres in Hamira, Punjab.
JIL has received environmental clearance from the Ministry of Forest and Environment in the fiscal year 2022-23 for its ethanol manufacturing facility, demonstrating its commitment to adhering to sustainability standards.
"We anticipate INR 400 crore in revenue from the ethanol plant, with an EBITDA margin of approximately 15 percent, starting from year one. Ethanol is projected to contribute 20 percent of the company's total revenues in FY 24-25, increasing to a 25 percent share in FY 25-26. The new greenfield plant will generate employment opportunities for local workers," noted Roshini Sanah Jaiswal, Promoter and Executive Director at JIL
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