Gujarat group to invest ₹67 cr in Telangana

The ₹2,200-crore Shreem group of companies is planning to set up a farm nutrient unit and a pharmaceutical facility in Telangana with estimated investments of ₹67 crore.

The Gujarati group, which has interests in real-estate, hospitality, pharmaceuticals and agri inputs, has entered into an agreement with a Polish firm to manufacture specialty nutrients for agriculture.

“We will set up the ₹42-crore plant near Hyderabad to manufacture the nutrients under licence from the European firm. We are ready with the project report and we expect it to be ready by December,” Vinod Lahoti, Managing Director of Lead Crop Science (LCS), has said.

He said that the company entered into an agreement with the Korean firm Nousbo to market the tablets that could significantly reduce the usage of NPK fertilisers by farmers.

Vinod, who was here on Friday with regard to promotional campaign for LCS’ new product Silicate effervescent tablets, told BusinessLine, the company would go for private equity (PE) funding. He, however, did not answer a query on the quantum of funding.

LCS, which has a registered office in Hyderabad, registered a turnover of ₹100 crore in 2013-14.

“The Silicate tablets quickly dissolve into water. A kilogram of tablets would do for an acre,” he said.

The company would manufacture a drug for Alzheimer’s developed by a Japanese company. “We are planning to invest ₹25 crore on this project. We are interested in the Pharma City project being planned by the Telangana Government.

The pharma business contributes 13 per cent to the group’s turnover.