Shimla: On an expansion mode, Himalaya International, a Himachal based food processing company, intends to invest Rs 110 crore for setting up a functional food project in Rajasthan, top company official disclosed.
Credited with having successfully set up one of India’s first frozen food manufacturing unit, Mohan Malik, chairman Himalaya International said “the Rs 100 Cr functional food project is to come up at Kehswana Rajput, near Behror in Jaipur district.â€
About 32 acres of land on the 8 lane Delhi –Jaipur highway, 80 Kms from Delhi, has been acquired for the project.
US based EXIM bank is to finance $ 6 million under the India Infrastructure Facility for the proposed project. The long-term financing available at 4.37 percent interest would be utilized for import of plant and machinery, said Malik.
A debt of Rs 40 crore would be raised additionally from state financial institutions and another Rs 40 crore would be inducted by of raising equity. Besides this an additional US $ 10 million would be needed for working capital requirements.
The unit expects to achieve a sale turnover of Rs 250 crore by 2012 and a gross profit (EBITDA) of Rs 50 crore.
Other than major plant and machinery, major raw materials, which includes semi finished & finished fruits products would be imported in bulk packs from California.
The new facility is expected to generate about 800 new jobs and would use green technology that targets zero waste and would recycle its entire waste.
The company targets to process 20,000 kgs of almonds daily and would have a capacity to produce 400,000 nutrition bars per day on state of the art high tech line.
The facility would manufacture chocolate coated almonds, Jordan Almonds, Roasted Almonds, Almonds in Honey, Cereal Bars, Meal replacement bars and protein bars.
In Rajasthan, Himalaya International proposes to go in for contract farming of oats, which is the basic ingredient for healthy, high fiber cereals and bars.
The plant would have an installed capacity to produce 100 million *Cereal & Health Bars* and processing ability for 7000 Tons of almonds and berry fruits each year.
Shelled California almonds would be imported, processed and packaged for Indian consumers, said Malik.
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