Rosy Blue mulls castor processing plant in Gujarat

Rosy Blue (India) Private Ltd, which owns the 'Orra' brand, is planning to diversify into commodities.

The Mumbai-based diamond company is mulling either a castor seed processing or an isabgul plant in Banaskantha in Gujarat.

The company has sought 50 acres of land from the state government for the purpose. The Indian arm of the Rosy Blue group, is also planning to set up a diamond cutting and processing plant near Palanpur.

"Diamond being the core business for us, we thought of getting into a second or third leg business. Moreover, as a corporate social responsibility, we came across the idea of buying 50 acres of barren land from the farmers. Though the company is yet to decide whether it would set up a castor seed processing plant or an isabgul plant, ultimately we intend to generate some more job opportunities in the region," said Russell Mehta, chief operating officer of the group in India, refusing to divulge details of the land purchase.

Mehta added that the company's shareholders are likely to meet soon to decide upon the exact business. On why the company chose a castor seed processing or an isabgul plant, he said the region had a conducive ecology for setting up such businesses.

Denying any major expansion plans, Mehta added that the company would also be setting up a diamond-cutting-cum processing plant through one of its shareholders, Banaskantha Industries Private Limited, on an additional 50 acres near Palanpur.

"As of now, we are satisfied with our diamond cutting and processing capacity. Yet, the new plant is again an effort to generate more employment in that region," he said.

Given the success, the diamond company intends to strengthen its castor and isabgul business too in future. Rosy Blue also plans to enter the Gulf market through a joint venture with jewellery retailer company Popley & Sons.