The fertilizer cooperative IFFCO has signed an MoU with Punjab Bureau of Industrial Promotion & Espana based Congelados De Navarra for establishing the food processing project in district Ludhiana.
The total expense for setting up unit will be of Rs 300 crore and it is likely to generate direct or indirect employment to thousands of people. On behalf of IFFCO, Joint MD Rakesh Kaput signed the MoU.
Sharing the news Punjab CM Capt. Amrinder Singh tweeted that, “It was a pleasure to meet Spain’s Congelados De Navarra’s DG Berito Jimmez & Consultant Inigo Soto, along with #IFFCO Chairman BS Nakai. They are setting up a ?300cr food processing unit in Machiwada. The project will provide direct and indirect employment to over 5000 people”.
Giving the story, IFFCO MD wrote “#IFFCO’s Jt MD Sh.@KapurRakesh signed an MoU with Punjab Bureau of Industrial Promotion & Congelados De Navarra @CongNavarra for the food processing project. DG, Berito Jimmez along with Chairman #IFFCO Sh. BS Nakai were also present.”
PTI adds that a delegation comprising the company’s representatives along with IFFCO Chairman BS Nakai and MD US Awasthi, met the chief minister to finalize land for the project, which will generate direct employment for 400 and indirect employment for 5,000 people in the state, it said.
The company, along with IFFCO, had earlier shortlisted two land parcels for the project. The foundation stone for the project is expected to be laid by the end of this year and production will commence 18 months from the start of the project, which will focus on frozen potatoes, peas and cauliflowers, he said.
The spokesperson said the pre-feasibility study for the project by Congelados De Navarra, a 220 million dollar company that has pioneered the individually quick frozen (IQF) technology, has already been completed, quotes PTI.