Ganesh Benzoplast Limited signed the lease deed in allotment of a plot of land on lease 25 years, at Jawaharlal Nehru Port Trust (JNPT). The land, admeasuring 4.5 hectares (45,090 square meters), has been leased out to GBL from 2022 to 2041. GBL intends to build storage tanks at the site for the handling and storage of liquid cargo - edible oil, acetone, acetic acid, ammonia, propane etc.

The company intend to construct a mix of tanks for the handling and storage of edible oil, acetone, acetic acid, ammonia, propane etc. Building storage tanks of this nature is domain strength and are thus confident of early and smooth erection of tanks. The intention is to commission this project in phases in a 2 years time frame.

Furthermore, envisage a total investment in the range of INR 3 billion to INR 4 billion depending on the mix of chemical and commodity storage facilities that eventually plan to commission. The company has a lean balance sheet and the company is a net cash company, which enables to remain very flexible over the choice of funding plan for this project. options range from own equity to debt to customer advances or a prudent mix of all three, a call on which will be taken shortly.

As the data of prior projects have shown, remain confident of recovering this investment over a 3-4 years period. With the addition of the new tanks, at the newly allotted site at JNPT, estimated storage capacities could incrementally double, giving further lead in respect of the material edge that already have over competition and thus allow us, hence forth to capitalize on the tailwinds in cargo movements at the ports.