"The company was only engaged in agro equipment and was running into huge losses. We have decided to diverify to become independent from government support," WBAIC chairman Rajiv Banerjee said today at the launch of company's website.
Banerjee said several projects had been initiated that would help in generating employment of 50,000 both direct and indirect.
Among the projects were rose oil, orchid plantation and introduction of drip irrigation in the state.
Banerjee said rose oil has in huge demand in the international market.
"We have already asked for land in Howrah. An investment of Rs 3-4 crore would be required for plant and machinery," he said.
"We are planning to implement drip irrigation to increase yield in water deficient areas of the state. We have already sent a proposal to the state finance ministry for in principle approval," Banerjee said.
He said that that the drip irrigation programme would be finalised after talks with Chief Minister Mamata Banerjee.
