Nayara Energy, backed by Russian energy giant Rosneft, is gearing up to invest ₹600 crore in setting up two ethanol manufacturing plants in India. These plants, with a daily production capacity of 200 kilo liters of ethanol each, will be established in Andhra Pradesh's Naidupeta and Madhya Pradesh's Balaghat and are expected to be operational by 2026. The company plans to utilize broken rice and maize as feedstock for ethanol production. In the long term, Nayara Energy aims to establish five ethanol manufacturing plants.
Prasad Panicker, Executive Chairman at Nayara Energy, emphasized the company's significant plans for ethanol production, driven by the goal to achieve a 20% ethanol blending ratio by 2025. The initial phase will involve setting up two ethanol plants, with aspirations for further expansion in the future.
Additionally, Nayara Energy is diversifying its operations beyond ethanol production. It is set to inaugurate a polypropylene unit within its Vadinar facility in Gujarat, with an investment of ₹6,000 crore. Furthermore, the company is allocating ₹4,000 crore towards refinery modernization to enhance its lifespan and reliability, with investments expected to continue until 2026.
Nayara Energy currently holds an 8% share in India's refining capacity and fuel retailing markets, along with a 7% share in petrochemicals. Panicker highlighted the company's growth trajectory over the past few years, including expansion into petrochemicals and retail business. The company aims to further expand its fuel retail footprint from 6,600 outlets to 10,000 within three to four years, in line with its vision to diversify its product portfolio and lead in the high-growth petrochemical industry while meeting domestic energy demands.
.jpg "Artificial Intelligence to Revolutionize Advanced Chip Design")
