Business Daily from THE HINDU group of publications
Friday, Apr 11, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Apr 11, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Diversification States - West Bengal SPS Group to invest in food processing sector in Bengal Ascon has a paid-up equity base of Rs 7 crore. The SPS Group has also acquired management control of Ascon Agro. Our Bureau Kolkata, April 10 The Rs 3,000-crore turnover SPS Group of Companies, which has interests in the steel, entertainment and hospitality sectors, today unveiled plans to invest about Rs 175 crore in the agro/ food processing sector in West Bengal. The decision follows the group’s acquisition of 55 per cent of the equity stake in Pailan Group company Ascon Agro, which has set up a potato flakes manufacturing unit at Dhanekhali, 50 km from Kolkata, at an investment of Rs 35 crore. Speaking to newspersons here on Wednesday, Mr Bipin Kumar Vohra, Chairman & Managing Director of the SPS Group, said 55 per cent of the paid-up equity stake of Ascon Agro has been acquired by the SPS Group at par value. Ascon has a paid-up equity base of Rs 7 crore. The SPS Group has also acquired management control of Ascon Agro. Mr Vohra said commercial production at the potato flakes plant, which is a 100 per cent export-oriented unit, is slated to begin this month. On single-shift basis, the plant would produce 3,500 tonnes of potato flakes a year. Potato flakes, which are consumed in substantial quantities in Europe, US, Russia, etc, are currently being sold at €1.5/ kg in global markets. According to Mr Vohra, Ascon Agro has acquired 30 acres at Dhanekhali. While the potato flakes plant has been set up over 10 acres, a multi-purpose cold storage would be set up in the remaining land that is available at an investment of Rs 15 crore. Additionally, a meat-processing unit would also be set up there at an investment of Rs 40 crore. Mr Vohra said Ascon Agro had also firmed up plans to acquire another 70 acres at Dhanekhali to set up a food park there. The setting up of the food park would entail an investment of around Rs 100 crore, including the cost of land acquisition, he said. More Stories on : Diversification | Foods & Food Processing | West Bengal
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