“With this the company becomes the largest Sorbitol manufacturer in India with a cumulative capacity of 500 TPD at 4 locations,” Gujarat Ambuja said in a statement.

GAEL is involved in the manufacturing of corn starch derivatives, soya derivatives, feed ingredients, cotton yarn, and edible oils. The company serves the food, pharmaceutical, feed and many other industries with a long-term growth strategy in the agro-processing sector.

The company reported 22.88% rise in consolidated net profit to Rs 100.66 crore on 15.22% increase in net sales to Rs 1,301.78 crore in Q3 FY24 over Q3 FY23.

The scrip shed 0.39% to currently trade at Rs 367.80 on the BSE.