Taiwan-based company Charoen Pokphand will set up five modern units including feed mill in the field of poultry and pig farming with capital outlay of Rs 571.20 crore.
A memorandum in this regard was signed between the Punjab government and the company here on Saturday, said an release.
A spokesperson said a delegation of Charoen Pokphand (Thailand) Company led by its Vice-Chairman Chaiyaporn Montha called on Punjab Chief minister Parkash Singh Badal at his residence on Saturday afternoon and apprised his company's decision to invest in Punjab.
As per the plan, the company will set up a feed mill at a cost of Rs 120 crore, a hatchery at Rs 24 crore, a breeding farm at Rs 102 crore, a broiler farm at Rs 324 crore and a swine farm Rs 1.2 crore in the state, release quoting Montha said.
The CP Group intended to commence commercial production by the year 2014 and complete the proposed investment by the year 2018.
Badal assured the company that the government would extend full support and cooperation to the company for further setting up their operations in the state.
He also asked them to initiate some project in the field of fishery particularly in the waterlogged areas of Punjab.
Regarding the issue of importing animals for setting up of a swine processing unit in Punjab, Badal said that this issue was under the jurisdiction of the Union Government.
However, he offered that in this regard the state would write to the Centre in favour of the company whenever needed.
He said that SAD-BJP government was fully committed to boosting allied farming in the state to enhance the profitability to the farming community.