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Agristo Masa Pvt Ltd, a joint venture between Masa Global Food Pvt Ltd (a part Wave Group) and IMSTO NV (the holding company of Agristo NV, Belgium), is expanding its Bijnor plant with a Rs 750 crore new investment.
The joint venture company said in a statement on Sunday that the fresh investment brings its total investment to over Rs 1,000 crore. The groundbreaking ceremony marking this milestone was graced by Princess Astrid of the Kingdom of Belgium, Finance Minister of Uttar Pradesh Suresh Kumar Khanna, Chief Secretary of Uttar Pradesh Manoj Singh, and members of the Belgian economic mission to India. Ensuring a holistic development of the region, around 2,500 farmers are expected to benefit from this expansion, the statement from the company stated Sunday. This is in addition to the 500 farmers in the region who have been provided sustainable livelihood opportunities through the plant's interventions. The plant, which caters to both domestic and export markets with North America, Middle East, South East Asia and Japan being the key geographies, had earlier entailed investment to the tune of Rs 250 crore for a potato flakes facility. The additional investment of Rs 750 crore will be done to install a new production line of French Fries, the statement added. "Our aim is to empower the farmers and diversify their cash crop beyond sugarcane. We have helped these farmers to double their potato output with the help of new technologies. Their income has increased by 50 per cent over the last 3 years," said Manpreet Singh Chadha, Chairman, Wave Group, that owns 50 per cent stake in the joint venture. Kristof Wallays, Director International expansion, innovation and sustainability of Agristo, said: "The Bijnor plant is a testament of how results can be achieved when vision and technical expertise are combined. Partnering with Masa Global Food has allowed us to contribute in a meaningful manner to the rapidly evolving Indian agriculture and food processing sectors and ensure development of all stakeholders." Based in Bijnor, Uttar Pradesh, Agristo Masa has been conducting guided farming since 2020, cultivating the Santana potato variety ideal for French fries in the area. It focuses on the private label market and serves retailers, food service distributors, fast food chains, and the processing industry. Minister-President of the Government of Flanders Matthias Diependaele noted how the Bjinor plant is a sign of strong relations between the Flanders region and India and demonstrates Belgium's commitment to participate in the India growth story. (ANI)
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