Phoenix Overseas Boosts Edible Oil Production with BCL Bio Energy

Phoenix Overseas Limited's associate, BCL Bio Energy, has commenced crude edible oil production, enhancing India's energy security. The company aims to reduce import reliance while expanding export opportunities, contributing to foreign exchange earnings. Phoenix Overseas holds a significant stake, boosting its financial performance.

Phoenix Overseas Limited, a prominent NSE Emerge-listed company, has announced a significant development in its business operations. BCL Bio Energy Private Limited, an associate firm, has commenced the production of crude edible oils, including crude rice bran oil and crude mustard oil, at its solvent extraction facility in Mumbai.

Established in 2021, BCL Bio Energy is dedicated to extracting crude rice bran oil from rice bran, processing 300 tonnes per day. The venture also produces deoiled rice bran, a by-product used as cattle feed, primarily exported to Bangladesh and Vietnam. This initiative is a move toward enhancing India's energy security by reducing dependency on edible oil imports. The company also targets exporting deoiled cakes to various foreign markets, generating foreign exchange for the nation.

Phoenix Overseas Limited holds a 29% stake in BCL Bio Energy, with its operations expected to bolster Phoenix's financial health. As a three-star export house recognized by the Indian government, Phoenix Overseas has been active since 2002 in exporting agricultural products and manufacturing eco-friendly fashion accessories. The company also operates a state-of-the-art cold storage facility in West Bengal.

(With inputs from agencies.)