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Srinivasa Farms, a poultry production, breeding, and animal feed player, has lined up expansion plans to the tune of ₹300 crore.
The investments include ₹150 crore it is raising from a stake sale to IFC. “We expect the deal to be completed in the next few days. Besides, we will borrow ₹150 crore for the expansion plan,” Suresh Chitturi, Vice-Chairman and Managing Director of Srinivasa Farms, has said.
The company is in the process of setting up hatcheries in Haryana, Madhya Pradesh, Uttar Pradesh, Jharkhand and Chhattisgarh.
Srinivasa Farms, which targets a turnover of ₹750 crore in 2018-19, matching previous year’s turnover, hopes to touch ₹1,000-crore in 2019-20. Most of the expansion projects will be completed, helping the company achieve the target, he said.
The expansion plan also includes entry into chicken and meat processing, ready-to-cook and ready-to-eat products. It is planning to increasing the breeding capacity of layers to 7.5 crore from the present four crore layers and 5.5 crore broilers from three crore by 2021.
The firm is anchor investor in the Mega Food Park in Prakasam district of Andhra Pradesh. The 54-acre park is being taken up with an investment of ₹200 crore. “Our plant will be ready by March 2019,” he added.
The privately-owned firm is mulling a public issue after 4-5 years, he added.
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