Spain-based Congelados De Navarra has decided to invest Rs 300 crore in Punjab, by establishing a food processing unit in Machiwaara, Ludhiana.
A meeting with state chief minister Captain Amarinder Singh was held by the company’s top executives recently, during which the final modalities for the investment were worked out.
According to an official spokesperson, “the company also inked a Memorandum of Understanding (MoU) with the Punjab Bureau of Industrial Promotion (PBIP) for the project, which has been facilitated by Indian Farmers’ Fertiliser Cooperative (IFFCO) under the Invest Punjab scheme.”
The delegation which met the CM includes the company’s director general, Berito Jimmez, and consultant, Inigo Soto, along with IFFCO chairman B S Nakai and managing director U S Awasthi. The foundation stone for the project is expected to be laid by the end of this year.
Image Credit : uniindia.com