IFFCO floats JV with Spain co for Rs 325 crore food processing plant

IFFCO floats JV with Spain co for Rs 325 crore food processing plant

IFFCO has announced forming a joint venture with Spain-based Congelados De Navarra to set up a food processing plant at Ludhiana in Punjab with an investment of Rs 325 crore.

This will mark co-operative fertiliser major IFFCO’s foray into food processing sector. In the JV, IFFCO will have 30 per cent stake while Congelados De Navarra will have the remaining 70 per cent stake.

Congelados De Navarra, a USD 220 million company, is into processing of vegetables, fruits, herbs and ready-made pre-cooked dishes. It has pioneered the individually quick frozen (IQF) technology.

IFFCO’s MD US Awasthi was quoted as saying by PTI: “We have formed a JV with Congelados De Navarra to set up a plant in Ludhiana. We have already identified 40-acre land for this purpose.”

Image Credit : agronfoodprocessing.com