Himalaya International, the Himachal-based agri export oriented unit will set up a food processing plant in Mehsana, Gujarat at a cost of Rs 130 crore, the company stated in a filing to the Bombay Stock Exchange (BSE) today.
The plant will start commercial operations by September next year. The state government has allotted 22 hectares for the project and an additional 20 hectare will be allotted soon.
The statement further stated that the turnover on full production from the unit shall be Rs 400 crore per year, while the net profit could exceed Rs 80 crore.
The company has planned to expand and diversify by setting up a mega project of "all natural" mushrooms, frozen vegetables, appetizers, yogurt and mozzarella cheese plant in Gujarat for and export market.
The company has entered into various global strategic alliances for technology and marketing with US-based Global Reliance Inc, Mushroom Associates and Krishna Imports, which will market Himalaya products in the USA.