IFFCO goes into joint venture with Spain firm – Congelados De Navarra to enter food processing Industry

Image Source: Punjab Kesri

Aug 13, 2018
IFFCO – one of the biggest fertiliser companies in India is foraying into food processing sector with entering into joint venture with Spain‘s Congelados De Navarra to start up  a food processing plant at Ludhiana in Punjab with an investment of Rs 325 crore.

Congelados De Navarra is into processing of vegetables, fruits, herbs and ready-made pre-cooked dishes. It is a $220 million company that has pioneered the individually quick frozen (IQF) technology.

The two companies have already identified 40-acre land for this purpose, and in the JV, IFFCO will have 30 per cent stake while Congelados De Navarra will have the remaining 70 per cent stake. The proposed plant will source produce like potatoes, peas and cauliflower from farmers and then process them for sale in domestic and exports market.

The joint venture company will invest 40 million Euros (about Rs 325 crore) to set up a Greenfield food processing unit.
For IFFCO, it has always taken steps to enhance the life and income of farmers. Fertilisers, insurance, agri-chemicals, farm forestry, agri-retail, rural telecom, farmers training to now food processing. 

This new facility would generate 400 direct and 5,000 indirect local jobs in Punjab. 

A memorandum of understanding has been signed between Rajat Agarwal, CEO, Punjab Bureau of Industrial Promotion, Rakesh Kapur, Joint MD, IFFCO and Berito Jimmez, Director General, Congelados De Navarra of Spain for this project. 

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