Nagpur - based Confidence Petroleum has informed that it has acquired 80% equity stake in Garg Distilleries, for an undisclosed amount.

Garg Distilleries Pvt. Ltd, is an unlisted, closely-held ethanol manufacturing unit, located near Dhule, Shirpur (Maharashtra State) having an installed capacity of 32400 KL per annum and crude oil distillation of 12000 KL per annum.

Apart from this, the company has also acquired Laxmi Nirmal Petrochemicals Pvt. Ltd situated near Pune, engaged in manufacturing of ethanol based on molecular sieve dehydration system having an installed capacity of 21600 KL per annum.

The unit has an annual turnover of Rs 60 crore per annum.

Confidence Petroleum India, Ltd. engages in manufacturing LPG cylinders, as well as in bottling, marketing, and blending of LPG. It supplies LP Gas for application in residential, commercial business enterprise, and industrial use.

At 2:40 pm, Confidence Petroleum was quoting at Rs 6.04 on BSE, up 8%. It has touched an intraday high of Rs 6.15 and an intraday low of Rs 5.20.