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Karuturi Global on Monday said Singapore-based Phoenix Group has invested in the company, and that this investment will it help repay debt and revive its Kenya operations. However, the exporter of cut roses did not disclose the amount of investment. The investment will help the firm repay its debts as obligated by the High Court of Kenya within a week or less, Karuturi Global CEO Ram Karuturi said in a BSE filing. According to the January order of the court, Karuturi was obligated to repay the debt and redeem the farm in the next 90 days, he said. Karuturi’s Naivasha farm in Kenya has 500 acres of land with 300 acres of greenhouses valued at over $100 million. The farm produces about 33 million roses annually for export to Europe, accounting for about 10 per cent of Kenya’s exports of cut flowers. The CEO said the company will re-employ ex-employees and re-establish all social benefits. Shares of Karuturi Global jumped 4.2 per cent at ₹2.50 on the NSE.
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