India-based edible oil and soy processor, Rasoya Proteins is investing US$65.7 million into establishing a major corn ethanol production unit. The company will procure its corn supply locally in Nagpur and Maharashtra. In addition to the this planned expansion, the company also intends to establish a rice million unit for selling packaged rice under the Rasoya brand and a rice bran milling unit for the production of edible oil. Rasoya currently has a wheat processing unit in Yortmal, and is considering building a second flour processing unit in Malakapur, Maharashtra to sell its flour under the Majwani brand. The company exports its products to several countries including Thailand, Sri Lanka, United Arab Emirates, Indonesia, and Vietnam, and reported sales of Rs 672.69 cr (US$110.5 million) for the quarter ending December 2013 and profits of Rs 18.23 cr (US$3 million) for the same time period. Funding for the expansions will preferably be obtained through a combination of debt and equity.
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