New Delhi, 2 March (IANS). Agriisto Masa Private Limited, Masa Global Food Private Limited (part of Wave Group) and IMSTO NV, Belgium (Agsto NV, Belgian holding company) is a joint venture. It announced a new investment of Rs 750 crore in its Uttar Pradesh plant on Sunday. This investment will bring new life to the agricultural scenario and the total investment will exceed Rs 1,000 crore.
The Bijnor plant of Agristo Masa has changed their lives by increasing the income of farmers of western Uttar Pradesh by 50 percent in the last three years.
Ensuring the overall development of the region, about 2,500 farmers are expected to benefit from this detail.
Companies said in a statement that it is in addition to 500 farmers in the region, who have been provided permanent livelihood opportunities through the intervention of the plant.
Since its establishment in July 2022, productivity in potato cultivation has also increased from 17 tonnes per hectare to 32 tonnes per hectare, which is the highest in the country.
Wave Group President Manpreet Singh Chadha has a 50 percent stake in a joint venture. He said, “Our aim is to empower farmers and diversify their cash crop beyond sugarcane. We have helped these farmers double the production of potatoes with the help of new technologies. Their income has increased by 50 percent in the last 3 years.”
The plant provides services to both domestic and export markets, with North America, the Middle East, Southeast Asia and Japan. The additional investment of Rs 750 crore will be made to set up a new production line of French fries.
Cristoff Wallace, director of Agristo’s international expansion, innovation and stability, said that the Bijnor plant is proof of how the results can be achieved when foresight and technical expertise is mixed.
Wallace said, “Masa Global Food has an opportunity to contribute meaningfully to Indian agriculture and food processing sectors and ensure the development of all stakeholders.”
-IANS
SCH/CBT
