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Octant Industries to Raise R13Cr for Power Plant

  • Octant Industries Limited is raising R13Cr on preferential basis to part finance the ongoing power project.Promoted by Mr. Manmohan Sahu, Octant Industries is based in Hyderabad. It is in the castor oil derivatives business, engaged in contract farming of castor seeds, and implementation of biomass and hydropower generation projects.It manufactures castor oil derivatives such as British Standard Specification castor oil, hydrogenated castor oil, and 12-hydroxystearic acids.

  • OIL, which was earlier in the software and finance business, demerged its finance division in 2010-11 and merged with three companies: Swarnajyothi Agro & Exports Ltd, which was in the castor derivative business, and Vanishekhar Green Energy P Ltd and Indrabathi Energies Pvt Ltd, which had obtained required licenses for implementation of power generation projects.

  • It is constructing a 10MW biomass power project at Sambhalpur District of Odisha and a 7.5 MW hydro power plant in Kalahandi District of Odisha. Performance Of Octant On BSEAccording to the ratings report on Crisil, the software business is expected to be discontinued in 2011-12. The company plans to set up a biomass power plant and castor oil extraction plant with a total outlay of around R57Cr, which is to be funded in debt-to-equity ratio of 70:30.

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