Himachal firm to invest Rs.130 crore in Gujarat

August 11th, 2009 - 1:28 pm ICT by IANS  

Shimla, Aug 11 (IANS) Himachal Pradesh-based frozen food manufacturer Himalya International has plans to invest Rs.130 crore in a new unit in Gujarat, a top company official has said.
“We will invest Rs.130 crore in the agro-food processing facility in Mehsana in Gujarat. For this, the government has initially allotted 22 hectares,” Himalya chairman Manmohan Malik told IANS.

Work on the Gujarat facility will begin ths month, with commercial production slated to commence by September next year. The unit will produce ready-to-eat products made of vegetables, frozen mushrooms, mozzarella cheese, yogurt and various appetizers.

“The products will be marketed both in the domestic and overseas markets,” added Malik, whose company is also listed on the Bombay Stock Exchange.

Himalya plans to produce 9,000 tonnes of mushrooms, 5,940 tonnes of mozzarella cheese and 9,000 tonnes of yoghurt annually, he said.

The company has tied up with a New Jersey-based importer and distributor, Global Reliance Inc, for marketing its products in the US.

“The Gujarat project will be funded through internal accruals, warrants and bank borrowings worth Rs.90 crore. The project will be 100 percent tax free for five years after start of commercial production,” Malik added.

The company is aiming an annual turnover of Rs.400 crore with net profit exceeding Rs.80 crore.

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