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Spain's firm signs MoU with Punjab to set up Rs 300cr unit

Press Trust of India  |  Chandigarh 

Spain-based company will invest Rs 300 crore to set up a unit at in Punjab, an official said today.

The final modalities for the setting up of unit at were worked out at a meeting of company officials with here, he said.

The company later signed an MoU with Bureau of Industrial Promotion (PBIP) for the project, which has been facilitated by IFFCO (Indian Farmers Fertilizer Cooperative) under the Invest scheme, he said.

A delegation comprising the company's and Inigo Soto, along with IFFCO BS Nakai and MD US Awasthi, met the to finalise land for the project, which will generate direct employment for 400 and indirect employment for 5,000 people in the state, he said.

The company, along with IFFCO, had earlier shortlisted two land parcels for the project, he said.

The foundation stone for the project is expected to be laid by the end of this year and production will commence 18 months from the start of the project, which will focus on frozen potatoes, peas and cauliflowers, he said.

The said the pre-feasibility study for the project by Congelados De Navarra, a 220 million dollar company that has pioneered the individually quick frozen (IQF) technology, has already been completed.

The company is into processing of vegetables, fruits, herbs and ready-made dishes, he said.

The directed PBIP to facilitate in processing the Change of Land Use expeditiously to enable the project to start at the earliest, the said.

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

First Published: Wed, August 08 2018. 19:15 IST