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By Hailu Teklehaimanot
Posted to the web on July 20, 2010 |
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July 20, 2010 (ADDISS ABABA) – An Indian agro-industry company, Ruchi Agri Plc, has been allotted 25,000ht of land for the commercial farming of soya beans, in Fugnido Wereda, Gambella Regional State, for 25 years.
The company, whose projected capital is 704 million Br, received its investment permit on December 25, 2009, from the Ethiopian Investment Agency (EIA). It received the land from the Gambella Investment Agency in May 2010.
Ruchi Agri Plc, a subsidiary of Soya Industries Ltd, is the flagship company of Ruchi Group of Industries that had a turnover of approximately 2.6 billion dollars in 2008/09.
“As the area development is scaled up, a processing unit shall be set up in this area to manufacture edible oil for the domestic market and some value-added items with export opportunities, like lecithin and soya flour,” Arvind Jhamb, CEO of Ruchi- told Fortune by email.
The company has signed the agreement and paid the lease money, as stipulated by the government of Ethiopia, and are in the process of carrying out soil and climate analysis, Jhamb said.
“We are also studying agronomic practices, import provisions, capacity building, and team organisation so that we can successfully launch full-scale operations in four to five months and also meet the targets and stipulations given by the government,” he said.
The company’s plan is to commence full-fledged operations after the rainy season, in November 2010, according to Jhamb.
“We have been analysing the opportunities in various countries and our first venture happens to be Ethiopia. We were encouraged by the policies and systems as well as the transparent approach,” he said.
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