New Delhi, Mar 2 (PTI) Wave Group and Belgium’s Agristo NV will invest around ₹750 crore to expand their potato processing plant in Uttar Pradesh to make premium french fries, amid rising global demand for processed food.In 2019, Wave Group firm Masa Global Food Pvt Ltd and Agristo’s subsidiary firm IMSTO NV, Belgium had formed a 50:50 joint venture firm to establish a potato processing plant at Bijnor to make dehydrated potato flakes. Also Read | Flipkart shuts down ANS Commerce 3 years after acquisitionThe name of the joint venture firm is Agristo Masa Pvt Ltd. The plant started operations in 2022 with an annual capacity of 7,500 tonnes.In an interview with PTI, Wave Group Chairman Manpreet Singh Chadha noted that there is an immense growth potential in Indian food processing sector.He also stressed on the need to boost crop yields and processing capacity for augmenting farmers income.”We are setting up a new production line for export quality french fries at Bijnor,” Chadha told PTI.He said the total investment on this expansion will be around ₹750 crore, which will be financed through equity and debt. Also Read | Adani Group revives US investment plans: ReportsThe joint venture had invested around ₹300 crore on setting up the existing plant, taking the total investment commitment to more than ₹1,000 crore.Chadha said the new production line with 80,000 tonnes per annum capacity will become operational in the next two years and cater to both domestic and global markets.The JV is into B2B (business to business) segment only.”Our aim is to empower the farmers and diversify their cash crop beyond sugarcane. We have helped these farmers to double the potatoes output with the help of new technologies. Their income has increased by 50 per cent over the last 3-4 years, ” said Chadha. Also Read | Google co-founder Sergey Brin floats ‘60-hr work week’ idea to become AI leaderPrincess Astrid of the Kingdom of Belgium, Finance Minister of Uttar Pradesh Suresh Kumar Khanna and Chief Secretary of Uttar Pradesh Manoj Singh attended the groundbreaking ceremony for the expansion of the production facility.Wave Group already has two sugar manufacturing plants in Bijnor area and has been procuring sugarcane from farmers.The potato processing plant set up by the joint venture firm has helped in enhancing farmers income of this region, Chadha said.”We are helping farmers in accessing good quality seeds for potato production. We are also procuring all potatoes from farmers at a very remunerative price,” Chadha said.Around 2,500 farmers are expected to benefit from this expansion.This is in addition to the 500 farmers in the region who have been provided sustainable livelihood opportunities through the plant’s interventions. Also Read | Paytm receives ED show-cause notice for violating FEMA rules; here’s whyThe productivity of potato has gone up from 17 tonnes per hectare to 32 tonnes per hectare.The Bijnor plant caters to both domestic and ex
The French fry manufacturer Agristo NV, along with Wave Group, intends to invest ₹750 crore to increase the capacity of their potato processing plant in Uttar Pradesh.
