More players enter into maize procurement, ethanol production amid push by government

More players are entering into maize procurement and ethanol production amid a push by the Central government. The latest to venture into this is Sakuma Exports Ltd. The agro-commodities company said that it will commence direct procurement from farmers with a specific focus on seizing emerging market potential in Eastern India. 

"By venturing into maize procurement, the company aims to tap into various industries, including ethanol and ethanol-based products production, thereby contributing significantly to sustainable development and economic prosperity," the company said in a release. 

The announcement holds significance as it comes at a time when trade estimates suggest that maize prices increased by 20 per cent in the first two weeks of January when compared to the prices in October. 

Meanwhile, the company has disclosed a surge in annual revenue with 11.19 per cent growth.

Sakuma Exports also reported a 9.59 per cent year-over-year increase in quarterly revenue, reaching Rs 364.33 crores. Also, the company reported net profit growth of 3.65 per cent.