Mumbai: Tata Chemicals’ joint venture company, Khetse Agriproduce India, plans to invest Rs212 crore in the next five years to foray into the wholesale business of fruits and vegetables in the country.
The company has entered into a joint venture agreement with Ireland-based Total Produce.
“The 50:50 JV company, Khetse Agriproduce India, will invest almost Rs212 crore for setting up 20 cash-and-carry distribution centres,” Tata Chemicals Managing Director Homi R Khusrokhan told reporters.
“The company’s collection-cum-distribution centre and cash and carry outlet have become operational in Ludhiana. The second center will come up in Mumbai, followed by 20 more units across the country depending on acquisition of land,” Khusrokhan said.
It would collect fresh fruits and vegetables directly from farmers by paying them market price and then distribute the products through the Khetse centres.
The company also plans to invest Rs50 crore in a biofuel facility at Nanded. The construction of the ethanol plant having capacity of 30 kilolitres per day at Nanded is progressing smoothly and the plant is expected to be operational by end-this year.