Karuturi Global, a Bangalore-based floriculture company, has enteretd agriculture business in Ethiopia. The compay will engage in cultivation of maize, rice, vegetables and other commercial crops in 11,700 acres of land in Bako area of Ethiopia, the company said in a release.
Import of machinary and other infrastructure into Ethiopia is underway and the entire project is expected to be completed by 2014, the company said in a statement to the Bombay Stock Exchange.
"Agriculture segment of the company's business is expected to contribute nearly 25 per cent of the total revenues during financial year 2009-10 and by 2010, the revenues from agriculture is expected to exceed the forticulture revenues of the company,'' said Sai Ramakrishna Karuturi, managing director of Karuturi Global.