TruAlt Bioenergy, a leading player in the biofuel industry, has unveiled plans for substantial expansion, with an investment of Rs 600 crore to set up additional plants. The Bengaluru-based company, known for its prowess in 1G and 2G ethanol, compressed biogas, sustainable aviation fuel, fermented organic manure, and green hydrogen, aims to increase its daily biofuel production capacity by 2.7 lakh litres by the next fiscal year.
Vijay Nirani, the Founder and Managing Director of TruAlt, revealed that the company intends to establish 10 new plants, bringing the total to 15. The proposed locations for these plants include Bijapur in Karnataka and Pune. The investment will fuel the expansion, with the selected lands already identified for development.
TruAlt Bioenergy, currently the largest ethanol producer in the country with five 1G ethanol units, is experiencing robust growth. Having achieved Rs 1,170 crore in revenue in the last fiscal year, the company has already reached approximately Rs 700 crore in the first half of this fiscal year. Nirani anticipates a 30% growth in topline figures this fiscal year, with net margins ranging between 18-20%.
The company's strategic move towards expansion is attributed to the existing plants operating at over 90% capacity and the escalating demand driven by government initiatives promoting ethanol blending and other biofuels. TruAlt's expansion focuses on key markets in Karnataka, Maharashtra, and Odisha.
In a recent development, TruAlt Bioenergy entered a USD 72-million compressed biogas joint venture with GAIL India, named Leafinti Bioenergy. This venture aims to set up 10 plants with a production target of over 33 million kg of compressed biogas, utilizing organic waste as a raw material. GAIL will hold 49% in the joint venture, while TruAlt will hold the remaining 51%, subject to due diligence and regulatory approvals. Each plant is projected to process 10,000 kg of organic waste daily, producing 1,00,000 kg of compressed biogas. The initiative will also yield solid-fermented organic manure and liquid fermented organic manure. TruAlt Bioenergy's visionary expansion aligns with the growing demand for biofuels, positioning the company as a key player in the sustainable energy sector.