Balrampur Chini Mills is planning to invest Rs 200 crore in its three units to enhance the production capacity of ethanol.
"The board has approved the setting up/adoption of Incineration Technology in Balrampur, Babhnan & Mankapur Distillery Units..Involving a total capital expenditure of Rs 200 crore approximately, to enhance the production capacity of RS/SDS/Ethanol," the company said in a BSE filing.
It also added that this is in compliance with the guidelines issued by the Central Pollution Control Board and the National Green Tribunal.
The company today also reported a 60 per cent decrease in its net profit to Rs 75.82 crore for the fourth quarter ended March 31, due to higher expenses.
The company had clocked a net profit of Rs 189.90 crore in the same period last year.
Total income during January-March quarter in 2014-15 declined to Rs 658.32 crore from Rs 699.98 crore in the same quarter in 2013-14.
Profits of the company were down as its expenses rose to Rs 583.90 crore in fourth quarter of last financial year from Rs 488.65 crore in the same period in 2013-14.
For the entire 2014-15 fiscal, the company reported a net loss of Rs 57.73 crore. In 2013-14 it had posted a net profit of Rs 3.64.
Meanwhile, the board has agreed to the request of Meenakshi Saraogi of relieving her from the position of Joint Managing Director of the company.
"For personal reasons, Meenakshi Saraogi has requested to be relieved as Joint Managing Director of the Company. The Board has agreed to Saraogi relinquishing this charge with effect from June 01, 2015," the filing said.
Saraogi has, however, consented to continue as Non- Executive Director of the company from the same date, it added.
Balrampur Chini has 11 sugar factories in Uttar Pradesh having an aggregate crushing capacity of 79,000 tonnes per day.
