In its first major venture into food processing sector, Indian fertiliser cooperative IFFCO has joined hands with Spanish firm Congelados De Navarra to set up a Rs 325 crore greenfield food processing unit in Ludhiana district in Punjab, IFFCO said in a statement on Friday.
The $220 million Spanish firm which has pioneered a unique quick frozen technology would provide the technology for the project. It is into the processing of vegetables, fruits, herbs and ready-made pre-cooked dishes. Land for the project has already been identified and work is slated to begin by December, the statement said.
According to US Awasthi, IFFCO MD, the unit was being set up to help augment farmers' income. The processing unit would be sourcing farm produce from farmers directly, he said.
The project is slated to be completed in 18 months and production of processed foods like frozen potatoes, peas and cauliflowers is expected to commence from 2020. The project is expected to generate 400 direct and 5000 indirect local jobs in Punjab, the company said.
IFFCO has plans to take food processing to other States in the country so that more farmers can get benefit out of this. “I believe that our farmers need a good market to sell their products and food processing will certainly boost their incomes,” Awasthi said. ”
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