Karuturi launches farm operations in Ethiopia

by Dave

Makes sense to look at operations in Ecuador and Colombia in the future.
The Hindu Business Line :

Karuturi Global Ltd, the world’s largest growers of roses with presence in India, Kenya, Ethiopia, Dubai and Holland on Wednesday announced the launch of its agricultural operations in Ethiopia where it had acquired 3.4 lakh hectares land on long term lease.

The company said it has started cultivation on 11,700 hectares of land in Bako, Ethiopia. This land will be used for the cultivation of maize, rice, vegetables and other commercial crops.

Mr Sai Ramakrishna Karuturi, Managing Director of Karuturi Global said the company hopes to start sowing operations on an additional 40,000 hectares by March.

He told Business Line that his company has already tied up for funds from banks to meet the investment cost, which is estimated at $250 million spread over 60 months. Karuturi will also be sowing long gestation crops such as sugarcane and oil seeds for which it would take some time.

Technorati Tags: