By IANS,
Mumbai : Mumbai-based alcoholic beverages manufacturer Tilaknagar Industries Ltd plans to invest Rs.1.5 billion for the expansion of its plant and setting up a grain-based spirit project.
According to the company announcement here Tuesday, the amount will be raised through debt, equity and internal accruals.
Tilaknagar Industries is primarily engaged in manufacturing and marketing of Indian Made Foreign Liquor (IMFL). Its products are exported to Western Africa, the Middle East, the Far East and the Caribbean countries.
The company plans to set up a grain distillery plant with a capacity to produce 100,000 litres of spirit per day.
Tilaknagar Industries chairman and managing director Amit Dahanukar said: “The increase in sales was driven by increased efforts in distribution and aggressive marketing inputs. We hope to sustain the growth pattern in the coming years, thereby maximizing shareholders’ returns.”
In the fiscal year 2008, the company posted a profit after tax (PAT) of Rs.162.1 million compared to Rs.86.5 million for the previous year, a growth of 87 percent.
The gross sales increased to Rs.2.26 billion from Rs.1.12 billion, an increase of 102.28 percent. The company recommended a dividend of 21 percent.