The SPS Group of Companies, that is having interests in the steel, entertainment and hospitality sectors, has made an announcement on Thursday that it is planning to invest about Rs 175 crore in the agro/ food processing sector in West Bengal, very soon. The company is currently having an annual turnover of Rs 3,000 crore and the decision of the investment has came after5 it acquired a 55 per cent equity stake in the Pailan Group company Ascon Agro. The sources said that the Ascon Agro has recently set up a potato flakes manufacturing unit at Dhanekhali, with an investment of Rs 35 crore.
The Chairman & Managing Director of the SPS Group, Mr. Bipin Kumar Vohra was commenting on the issue and said that the group has acquired the 55 per cent of the paid-up equity stake of Ascon Agro, at par value. He said that Ascon is having a paid-up equity base of Rs 7 crore and the SPS Group has also acquired the management control of Ascon Agro. He added that the commercial production at the potato flakes plant is scheduled to begin in this month. The plant would operate on single-shift basis and would produce 3,500 tonnes of potato flakes per year.
While making further comments on the issue, Mr. Vohra said that the Ascon Agro has already acquired a land of 30 acres at Dhanekhali. He informed that the potato flakes plant has been set up over an area of 10 acres and the company would also set up a multi-purpose cold storage in the remaining land that is available at an investment of Rs 15 crore. He added that the company is planning to set up a meat-processing unit in the plant, as well, with an investment of Rs 40 crore. He further informed that the Ascon Agro had also finalized some plans for acquiring another 70 acres property at Dhanekhali for setting up a food park.
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| Posted : 4/12/2008 |
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