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IFFCO forays into food processing, forms JV with Spain firm for Rs 325 cr plant

Press Trust of India  |  New Delhi 

Fertiliser today announced joint venture with Spain's to set up a plant at in with an investment of Rs 325 crore.

With this joint venture, will foray into sector.

is a USD 220 million company that has pioneered the individually quick frozen (IQF) It is into processing of vegetables, fruits, herbs and ready-made pre-cooked dishes.

"We have formed a JV with to set up a plant in We have already identified 40-acre land for this purpose," IFFCO's MD US told

In the JV, will have 30 per cent stake while Congelados De Navarra will have the remaining 70 per cent stake, he added.

"The joint venture company will invest 40 million Euros (about Rs 325 crore) to set up a greenfield unit. The foundation stone of this plant would be laid in December and work would be completed in 18 months," said.

The proposed plant will source produce like potatoes, peas and cauliflower from farmers and then process them for sale in domestic and exports market.

The IFFCO's MD said it was a logical step for the to get into the food processing business for the benefit of farmers.

This would contribute in the government's goal to double farmers income by 2022, he added.

"At ?IFFCO, we? have always taken steps to enhance the life and income of farmers. Fertilisers, insurance, agri-chemicals, farm forestry, agri-retail, rural telecom, farmers training to now food processing," said.

IFFCO said this new facility would generate 400 direct and 5,000 indirect local jobs in

A memorandum of understanding has been signed between Rajat Agarwal, CEO, Bureau of Industrial Promotion, Rakesh Kapur, Joint MD, IFFCO and Berito Jimmez, Director General, Congelados De Navarra of for this project.

The pre-feasibility study for the project by Congelados De Navarra has already been completed.

Recently, IFFCO partnered with Singapore-based firm to start an for farmers with an investment of about Rs 80 crore.

Delhi-based Limited (IFFCO) has 35,000 member societies in its fold. The cooperative posted a turnover of Rs 20,787 crore during last fiscal. It produced nearly 8 million tonnes and sold 10.3 million tonnes of fertilisers during 2017-18.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 10 2018. 11:35 IST