In­dian in­vestors visit Ing­ham to dis­cuss $ 425m mill

Townsville Bulletin - - Investor - Martin Rasini Townsville Bul­letin Satur­day, March

R E P R E S E N T A T I V E S o f In­dian busi­nesses part­ner­ing Her­bert River in­ter­ests de­vel­op­ing a $ 425 mil­lion multi-prod­uct mill at Ing­ham vis­ited the town by charter air­craft this week for dis­cus­sions and to meet area cane grow­ers.

The sugar, ethanol and power-gen­er­a­tion mill is ear­marked for a site on Como Road, about 4km south of Ing­ham, and is planned by North Queens­land Bio En­ergy, a com­pany chaired by ac­coun­tant and area farmer Robert Carey.

It is backed by Dham­pur Sugar Mills and Shree Cap­i­tal, whose re­spec­tive man­ag­ing direc­tors, Gau­tam Goel and Rahul Na­yar, flew in from In­dia for meet­ings with the NQBE board.

Mr Carey said yes­ter­day dis­cus­sions cen­tred around a de­tailed pro­ject timetable and other is­sues to en­sure the mill could be ready to start op­er­a­tions for the 2014 har­vest­ing sea­son.


A de­vel­op­ment ap­pli­ca­tion has been lodged with Hinch­in­brook Shire Coun­cil for the mill, which will cre­ate 230-250 full-time jobs and prov i d e a d d i t i o n a l r e v e n u e streams for grow­ers.

‘‘ NQBE has been work­ing with DSM and Shree Cap­i­tal for more than two years and, dur­ing vis­its to DSM fac­to­ries, we have been im­pressed with their de­sign and ef­fi­ciency,’’ Mr Carey said.

‘‘ DSM has played a key role in as­sist­ing with de­sign of the NQBE mill, which is sim­i­lar to state-of-the-art sugar, ethanol and power gen­er­a­tion projects that have been op­er­at­ing suc­cess­fully for more than 10 years in In­dia, Thai­land, Viet­nam, Ar­gentina and Brazil.’’

Mr Carey said Shree Cap­i­tal was play­ing a key role in the NQBE pro­ject by as­sist­ing with fund­ing op­tions.

He said the two man­ag­ing direc­tors had also met with NQBE share­hold­ers at a Wed­nes­day night func­tion with a Q& A op­por­tu­nity.

‘‘ DSM is one of In­dia’s l o n g e s t e s t a b l i s h e d a n d largest pro­duc­ers of sug­ar­cane de­riv­a­tives, with mul­tif u n c t i o n f a c t o r i e s i n D h a m p u r , A s m o l i , Mansur­pur and Ra­jpura and is at the fore­front in sugar/ ethanol/ power fac­tory de­sign,’’ Mr Carey said.

‘‘ It is look­ing to grow its busi­ness out­side In­dia and sees the NQBE pro­ject as an at­trac­tive op­por­tu­nity.’’

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