Gujarat State Fertilizers & Chemicals restarts its Methanol Plant, expected revenue to grow by Rs 150 crore in FY21

Gujarat State Fertilizers & Chemicals Ltd. (GSFC) has restarted its Methanol Plant with installed capacity of 525 metric tonnes per day. The Plant was commissioned earlier in 2013, however no commercial production took place for the same as the same was unviable due to high raw material cost and non-availability of market, the Vadodara Gujarat based company said on Thursday.
The revenue of the Company will be up by approximately 150 Crores in the current Financial Year 2020-21.

Gujarat State Fertilizers & Chemicals Ltd. (GSFC) has restarted its Methanol Plant with installed capacity of 525 metric tonnes per day. The Plant was commissioned earlier in 2013, however no commercial production took place for the same as the same was unviable due to high raw material cost and non-availability of market, the Vadodara Gujarat based company said on Thursday.

Methanol is used in many industrial applications like Formaldehyde, API formulations, Methyl Amines, Dyes & Intermediates, Paints, Solvents, Adhesives, Pesticides etc. In the Indian market, the major application of Methanol is in Formaldehyde, which accounts for 60% of Methanol consumption.

Advertisement

In the BSE regulatory filing dated September 3. “For taking the Hon’able Prime Minister Prime Minister’s vision of “Aatmanirbhar Bharat’ mission forward, the Company has decided to restart its Methanol plant. The production would be an import substitution for China. The plant has been re-started on trial basis from 31st August, 2020. The plant will be operating at its full capacity by 10th September, 2020 and is expected to produce approx. 470- MT per day.”

The Indian manufacturer founded in 1962, said “as a result of this the top-line of the Company will be up by approximately 150 Crores in the current Financial Year 2020-21.”

On September 3, the stock closed up by 3.1% at Rs 67.50 on the National Stock Exchange.