Anil Products plans Rs 350cr facility

The company will also venture into real estate business.

Anil Products Ltd, part of the Lalbhai group and one of the oldest and largest corn (maize) wet millers in India, is planning to set up a production facility at the investment of Rs 300-350 crore.

The Ahmedabad-based company, formerly Anil Starch Products Ltd, is also planning to tap the real estate segment.

"The company is exploring various options to fund the expansion and is expected to finalise plans within the next 10-15 days. The funding would be done through a mix of internal accruals, debt and equity partnerships," said Amol Sheth, managing director of Anil products Ltd

A meeting of the board of directors held last week decided to raise funds through various instruments like GDR, foreign currency convertible bonds (FCCBs), rights issue, and qualified institutions placement.

"We are selling our products to 30 end-users. The future demand scenario in both domestic and foreign markets, will remain good. The companies engaged in the sector will earn profits," he said.

The company produces a diverse range of starches from native maize starches, modified starches, to speciality starches, besides refineries, enzymes and related downstream products like dextrose monohydrate, anhydrous dextrose, and liquid glucose (corn syrup), said a company source.