Paramount Farms plans to invest upto $20 mn in India

Paramount Farms plans to invest upto $20 mn in India

New Delhi: California-based pistachio grower, Paramount Farms International (PFI), on Wednesday said that it plans to invest upto $20 million in India in the next five years to set up processing facilities for the dry fruit.

“We are looking at investing upto $20 million for setting up of facilities to process pistachio in India," PFI global sales and marketing vice president Mark Masten told reporters here.

The company is looking for land in Gujarat to set up processing units as it aims to expand India capacity by three-four times in next two-three years, he said.

Besides, the company plans to spend $2 million in the next two years to market its flagship brand ‘Wonderful’ in India, Masten said, adding that India is an important market for Paramount Farms after China and Europe.

At present, PFI has one processing unit at Vadodara, Gujarat, with an annual capacity of one million pound (one pound equal to 454 gms).

India has been importing 6-7 million pound of California pistachio annually.