Dollex Industries signs MoU with Madhya Pradesh Government

Dollex Industries Ltd has announced that the COmpany enters in a Memorandum of understanding (MoU) with Madhya Pradesh Government to establish an integrated Agro Energy Complex Consisting of Ethanol, Power & Sugar with an investment of 105 Crore.

With continuous demand in Sugar Industry after many years Company is negotiating for acquiring Sugar Unit of 2500 TCD in Madhya Pradesh. Upon the acquisition the Company will set up a distillery & Power generation Unit.

Company has taken an initiative to mechanise the Sugar harvesting. Company has already acquired Cane thumpers to cut the cane and cane loaders for loading the cut cane in to trucks. Cane thumper can cut around 40 metric ton of Sugarcane in 7 hours, manually to cut the same quantity of cane it takes around 24 hours. Similarly cane loader will load a truck of 10 metric ton in around half an hour which manually takes around 4.5 hours.

The need of mechanized form of cutting and loading the cane was felt by the industry due to scarcity of labour. Automation of these processes helps the company in solving the ongoing labour problems.

The stock was trading at Rs.9.80, up by Rs.0.25 or 2.62%. The stock hit an intraday high of Rs.10 and low of Rs.9.31.

The total traded quantity was 55761 compared to 2 week average of 42321.


Source:equitybulls