Agrifood company Himalya International plans to set up a processing plant in Gujarat with an investment of Rs 125 crore as part of its plans to achieve Rs 1,000 crore turnover by 2012.
Besides, the company has also firmed up plans to launch its food products under its own brand 'Himalya Fresh' to supply to the organised retail chain.
"We have plans to build a (agro) processing facility at an area of 100 acres in Gujarat that will involve an investment of Rs 125 crore," Himalya International Chairman and CEO Man Mohan Malik said here.
Expected to be operational in 2010-11, the company has proposed to set up controlled temperature processing facility for mushrooms, milk and vegetables, jalepenos and baby potatoes at Mehsana in Gujarat for export.
"This facility will have processing capacity of 50 tonne of mushroom per day, 15,000 tonne of milk per day for making cheese, yoghurt and other frozen appetizers," he said.
The company would fund this project through a mixture of internal accruals and private equity.
"We will be raising Rs 25 crore by diluting 10 per cent stake to private equity company for this project," he said.
After successfully supplying its agri food products to overseas buyers and orgaised retailers here, the company would market its products, including yogurts, Italian cheese, bread, frozen appetizers, mushroom range under 'Himalya Fresh' brand and supply them to the domestic retailers.
"We think we will be able to launch our brand in January or February 2009," he said.
At present, it is supplying its items to Reliance Fresh and has signed an agreement with Bharti-Walmart to supply products.
