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Hyderabad-based Srinivasa Farms says it will raise ₹200 crore ($30 million) in private equity to fund present and future expansion plans. The firm is in talks with the funds to raise the money.
“We are planning to close the deal by March 2018. Part of the proceeds will go into ongoing projects, including in the food park in Prakasam district of Andhra Pradesh,” Suresh Chitturi, Vice-President and Managing Director of Srinivasa Farms, told BusinessLine.
The company is planning to increase its layer chicks capacity by three-fold to about 80 million from the present 35 million.
“We would like to be ready with funds to explore future opportunities in the field,” he said.
Srinivasa Farms is setting up the food park in association with Malaxmi group by forming a special purpose vehicle. It is investing ₹116 crore in setting up chicken and egg processing units there.
Earlier this year, the firm signed an agreement with US-based poultry layer genetics firm Hy-Line International to set up a joint venture to explore the business in India.
While the US firm will take care of the genetics side of the business, Srinivasa Farms will focus on distribution of the chicks across the country.
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