Acewin Agriteck to raise Rs 300 crore for projects in TN

Acewin Agriteck Ltd, a Chennai-based software and digital solutions provider, has planned to raise Rs 300 crore for setting up integrated projects in Tamil Nadu next year, a top official of the company said here on Tuesday.

Noting that the total food and food processing was expected to double in the coming decade, managing director of the company Jesudas Premkumar said there was a plan to set up two integrated projects on aqua culture, agriculture, poultry and dairy farming at around Rs 300 crore by early 2020.

"Land has been identified at Ponneri, near here, for the projects. The mobilisation of Rs 300 crore for the integrated project will be raised through equity and debt," he told reporters.

The equity would be raised by the way of rights or preferential issue and the debt through some major financial institutions, he said.

He said it would be a pilot project initially and the company would add two or three such integrated projects every year.

The integrated projects would be on fresh water fish, prawn farming and processing, fruits and vegetables, poultry and goat and dairy farming, he said.

To a query, he said the company has identified a 300-acre land at Ponneri for setting up the integrated project.

On the company financials, he said the BSE listed entity clocked revenue of Rs 22 crore in 2018-19.

Premkumar said the company would also look at expanding its footprint in the United States, Canada and Asian markets.