Mumbai-based plant nutrition solutions manufacturer, Aries Agro Limited (formerly Aries Agro-Vet Industries), is in the process of expanding its production capacity to 95,400 tonnes per year, at an outlay of around Rs 48 crore. | |
| The 74-crore company currently has four manufacturing facilities in the country "" one each at Mumbai, Kolkata, Bangalore and Hyderabad "" with a combined capacity of 21,600 tonnes per year. |
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| Addressing mediapersons here on Wednesday, Jimmy Mirchandani, joint managing director of Aries Agro, said the company was setting up manufacturing plants in Ahmedabad, Lucknow and Hyderabad, the second one, to cater to the markets of Andhra Pradesh, Tamil Nadu, Karnataka, Chhattisgarh, Madhya Pradesh, Haryana, Orissa, Bihar and West Bengal. |
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| The new facility in Hyderabad, coming up in an extent of two acres at Pashamylaram on the city outskirts, will be dedicated to manufacturing the company's two flagship brands ""Aries Agromin Max and Aries Chelamin, besides manufacturing formulations for soil applications. |
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| This apart, the company is incorporating spray drying and repacking units in the plant with a capacity of 900 metric tonnes and 9,000 metric tonnes a year, respectively. The plant is expected to go on stream by December this year. |
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| Stating that the company was looking at new potential areas abroad on the export front, Mirchandani said they had entered into a 60:40 joint venture with UAE-based Mapco Fertilisers for setting up two plants in UAE to cater to the growing demand from the region. "We expect the plants to be commissioned by next year," he added. |
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| "We are also in talks with a few companies engaged in corporate farming, and our products are being used by them in field trials. It is, however, too premature to name the companies at this juncture," he said. |
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| According to Aries' executive director Rahul Mirchandani, the company would launch its products in single-dose water soluble packages on April 19 (Thursday). |
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| "The new package system, developed with the technology from Italy, would help eliminate human touch until the point of use besides delivery of accurate single tank dosage to the crops," he said. |
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| Aries Agro is proposing an initial public offer (IPO) and has filed a draft red herring prospectus with Sebi. The company expects to enter the capital market in the next two-three months and intends to utilise the proceeds to fund its expansion plans. |
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