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Business Upturn
4 days ago
- Business
- Business Upturn
Samco Mutual Fund Appoints Pankit Shah as Chief Business Officer to Steer Strategic Growth
Samco Asset Management has roped in industry veteran Pankit Shah as its new Chief Business Officer (CBO) as it looks to sharpen its market edge and expand outreach across India's competitive mutual fund landscape. With over 17 years of experience across fund management, distribution strategy, and client servicing, Shah's entry is seen as a crucial move to bolster Samco's business operations, spanning sales, marketing, product development, and distribution. Prior to joining Samco, Shah held leadership positions at ARGA Investment Managers, White Oak Capital, Motilal Oswal AMC, Axis Bank, and Enam Securities. At ARGA, he helped expand the firm's footprint in India, the Middle East, and Thailand, demonstrating his global perspective and on-ground execution strength. Speaking on the appointment, Viraj Gandhi, CEO, Samco Asset Management, said: 'Pankit is going to play a very crucial role in heading business strategy and sales for Samco Mutual Fund. His experience over the years will bring immense value to our existing structure and significantly strengthen our reach and relationships within the distributor community. He will also play an instrumental role in driving business growth, formulating and executing strategic plans, and overseeing key functions such as sales, marketing, product development, and distribution. We are excited to bring him on board and build this business fast and strong in the times ahead.' Samco Asset Management has roped in industry veteran Pankit Shah as its new Chief Business Officer (CBO) as it looks to sharpen its market edge and expand outreach across India's competitive mutual fund landscape. Commenting on his new role, Shah said: 'I'm excited to join Samco's mission to deliver smart, data-driven investment solutions. I look forward to building on the strong foundation already in place and working with the team to create lasting value for investors.' With over 17 years of experience across fund management, distribution strategy, and client servicing, Shah's entry is seen as a crucial move to bolster Samco's business operations, spanning sales, marketing, product development, and distribution. Prior to joining Samco, Shah held leadership positions at ARGA Investment Managers, White Oak Capital, Motilal Oswal AMC, Axis Bank, and Enam Securities. At ARGA, he helped expand the firm's footprint in India, the Middle East, and Thailand, demonstrating his global perspective and on-ground execution strength. A Commerce graduate from Narsee Monjee College, Shah is also an All India rank-holder from the Institute of Cost and Works Accountants of India (ICWAI). Samco Mutual Fund, known for its quant-driven investment approach, manages over ₹3000 crore in assets and services more than 2 lakh investors across 4,000+ Indian cities. Shah's appointment is expected to further cement the fund house's focus on data-backed, risk-managed strategies in a rapidly evolving market. A Commerce graduate from Narsee Monjee College, Shah is also an All India rank-holder from the Institute of Cost and Works Accountants of India (ICWAI). Samco Mutual Fund, known for its quant-driven investment approach, manages over ₹3000 crore in assets and services more than 2 lakh investors across 4,000+ Indian cities. Shah's appointment is expected to further cement the fund house's focus on data-backed, risk-managed strategies in a rapidly evolving market. Ahmedabad Plane Crash
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Business Standard
15-06-2025
- Business
- Business Standard
Grainspan invests ₹520 cr in ethanol units, benefits from govt's subsidy
Encouraged by the Union Food Ministry's interest subsidy scheme, Grainspan Nutrients has invested ₹520 crore to set up two grain-based ethanol plants in Ahmedabad and is supplying green fuel for blending with petrol. The two plants, which use maize and rice as feedstock, have a total installed capacity of 350 kilolitres per day. Grainspan's first grain-based ethanol plant, located at Bhamsara Village in Ahmedabad district, became operational in May 2023 with a capacity of 110 kilolitres per day. This plant was Gujarat's first grain-based ethanol facility. Enthused by the success, the company last month commissioned its second facility, which has been built at a cost of Rs 360 crore with an installed capacity of 240 kilolitres per day at the same location. The company supplies ethanol to Oil Marketing Companies (OMCs) under the Ethanol Blending Programme (EBP). "There are three grain-based ethanol plants in Gujarat, of which two facilities are being operated by us. We were the first to set up such a plant in the state, thanks to the central government subsidy," Grainspan Nutrients Pvt Ltd CEO Manoj Khandelwal said here. He said there is an immense growth potential in ethanol production in India, not only to meet domestic demand but exports also. Grainspan, which has been into manufacturing of food ingredients since 2014, forayed into ethanol a few years back to diversify its business taking advantage of interest subsidy. The decision has helped the company increase its turnover which touched Rs 760 crore last fiscal. Grainspan Ingredients Pvt Ltd CFO Pankit Shah said the company has invested a total of Rs 520 crore in these two plants, which are fully operational. "The first plant has been set up with the help of Central Government interest subsidy. We have taken a loan of Rs 120 crore for the first plant," he said, adding that there is no interest subsidy on the second plant. In the 2024-25 Ethanol Supply Year (ESY) that runs from November to October, Grainspan Nutrients will supply around 8 crore litre to OMCs at a fixed rate of nearly Rs 72 per litre. In the next ESY, the figure will reach 12 crore litres generating a topline of more than Rs 800 crore. Apart from grain-based, Gujarat has 13 sugarcane-based distilleries. Till June 8 of the current ESY, the ethanol blending has reached 18.9 per cent in the state with the supply of nearly 33 crore litres of green fuel. The Centre has notified various ethanol interest subvention schemes from 2018 to 2022 (in 2021 ethanol production from grain was also included under these schemes) to encourage sugar mills and distilleries to enhance their ethanol production capacities. Under all these subvention schemes, the government is facilitating project proponents to avail loans from banks/financial institutions. It provides interest subvention at 6 per cent or 50 per cent of the interest, whichever is lower, for a period of five years including one-year moratorium period. A new interest subvention scheme for cooperative sugar mills has also been notified in March 2025 for conversion of their existing sugarcane-based plants into multi-feed-based ethanol plants. Grainspan CFO said that the company's turnover rose 20 per cent to Rs 758 crore last fiscal, of which Rs 416 crore came from the food business and Rs 342 crore from ethanol. Pan-India, many companies and cooperatives have taken advantage of the interest subsidy incentive to set up new or expand ethanol-making capacities with sugarcane and grain (maize and rice) as feedstock. As a result, India's total ethanol-making capacity has jumped over four times in the last 11 years of the current government. Till year 2013, ethanol distillation capacity in the country was 421 crore litres. At present, the ethanol production capacity in the country has reached 1,810 crore litres, which includes 816 crore litres of molasses-based capacity, 136 crore litres of dual feed capacity and 858 crore litres of grain-based capacity. Additional capacity has led to an increase in percentage of ethanol blending with petrol. Till year 2013, supply of ethanol to OMCs was only 38 crore litres with blending levels of only 1.53 per cent in 2013-14 ESY. Production of fuel-grade ethanol and its supply to OMCs has increased by more than 18 times from ESY 2013-14 to ESY 2023-24. In ESY 2023-24, about 707 crore litres of ethanol has been blended by OMCs thereby achieving a blending of 14.60 per cent. In the current ESY 2024-25 till May 25, about 548 crore litres of ethanol has been blended by achieving a blending of 18.74 per cent. The government has set a target of 20 per cent blending by 2025-26.
