Spain’s leading food processing company, Congelados De Navarra, is all set to make a Rs 300 crore investment in Punjab, with the establishment of a food processing unit in ludhiana’s Machiwaara area, the final modalities for which were worked out at a meeting with Chief Minister Capt Amarinder Singh on Wednesday.
The company later signed a MoU with Punjab Bureau of Industrial Promotion (PBIP) for the project, which has been facilitated by IFFCO (Indian Farmers Fertilizer Cooperative) under the Invest Punjab scheme.
A delegation comprising the company’s Director General Berito Jimmez and Consultant Inigo Soto, along with IFFCO chairman BS Nakai and MD US Awasthi, met the Chief Minister to finalise land for the project, which will generate direct employment for 400 and indirect for 5000 people in the state.
The company, along with IFFCO, had earlier shortlisted two land parcels for the project.
The foundation stone for the project is expected to be laid by the end of this year and production will commence 18 months from the start of the project, which will focus on frozen potatoes, peas and cauliflowers.
Extensive research and development will also be undertaken at the unit by the company, which will perhaps make it the first company to invest in research in this field.