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Nov 10: Bajaj Hindusthan Ltd, the country’s biggest sugar maker, and rival mills plan to more than double sales of ethanol to meet government alternative fuel targets, helping boost earnings as prices of the sweetener slump.
The mills will get an extra Rs 1,200 crore ($263 million) in revenue from ethanol over the next year, SL Jain, director general of Indian Sugar Mills Association, said. India passed a law in May requiring gasoline to be mixed with 5% ethanol starting this month. India joins the US and the EU in increasing ethanol usage following a surge in crude oil prices. Bajaj is seeking to almost triple biofuel output as raw sugar prices in New York have fallen 41% from a 25-year high in February.
“Ethanol will provide constant revenue when sugar prices have declined,” Anoop Bhaskar, a fund manager at Sundaram BNP Paribas, said on Thursday.
—Bloomberg
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