Frozen vegetables supplier Pagro Foods plans to set up a new agri food processing plant at an investment of Rs 50 crore in Uttaranchal next year and aims to touch a turnover of Rs 100 crore in the next four years.
"We will build a new processing plant, which will be the country's biggest processing plant ever for frozen vegetables, in Uttaranchal and it will cater to the growing demand for frozen vegetables from export and domestic markets," Pagro Foods Limited Managing Director N.S. Brar said.
As per the proposed project, the new plant would have a processing capacity of 20,000 tonne per annum of vegetables including peas, potatoes, beans, capsicum and baby corn.
"With this new plant, which will have washing, packaging and freezing facilities, the company's total processing capacity will reach 30,000 tonne per annum," he said.
At present, the company has a plant at Fathegarh Sahib in Punjab with processing capacity of 10,000 tonne.
"The main reason for choosing Uttaranchal for the new plant is the easy availability of vegetables in the state. Earlier, we were procuring vegetables from Punjab but now it has become difficult as farmers here are decreasing the area under vegetables since they get more money in sowing wheat and paddy crops," he said.
Inorder to fund the project, Pagro is in talks with a US- based company for diluting 50 per cent stake.