29 December 2008 10:41 [Source: ICIS news]
NEW DELHI (ICIS news)--Confidence Petroleum India Limited (CPIL) announced the acquisition on Monday of two ethanol companies to cash in on booming ethanol-blended petrol opportunities in the country.
The company acquired a 100% equity stake in Laxmi Nirmal Petrochemicals Private Limited, which operates a 21,600 kilolitre/year (Kl/Yr) plant near Pune in Maharashtra State.
CPIL also purchased an 80% stake in Garg Distilleries Private Limited, which runs a 12,000 Kl/Yr plant near Dhule in the same State. The company did not disclose the acquisition cost in its brief disclosure to the Mumbai stock exchange.
The public sector oil marketing companies buy ethanol from various companies for blending with petrol/motor spirit. The Government-initiated ethanol blending programme has been constrained by a shortage of ethanol and competing demand for ethanol from liquor manufacturers.
On 24 December, the Government notified exemption of additional excise duty on 10% ethanol-blended petrol.
CPIL markets liquefied petroleum gas (LPG) and compressed natural gas in addition to producing LPG cylinders and providing logistics services.
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