Major investment in Godrej Agrovet's Bangladesh joint venture
Indian integrator Godrej Agrovet plans to invest $12-13 million, along with its partner, into its Bangladesh joint venture ACI Godrej Agrovet to expand capacity.
The company is also targeting over 20% growth in its poultry feed business in the next fiscal.
ACI Godrej Agrovet is a 50:50 JV between Godrej Agrovet and ACI of Bangladesh. It makes poultry, fish and cattle- feed besides having hatchery and breeding farm operations.
The company plans to expand its animal feeds capacity from the present 120,000 tonnes to 250,000 tonnes per year in 6-months time.
"We also intend to raise the production of chicks from 1 million per month to 2 million per month in 12 to 18 months time," managing director B.S. Yadav said.
Funds for fuelling the expansion will be raised through debt, equity, if needed, and internal accruals, he said.
The Godrej group company which is a leader in India in animal feeds, is betting big on this segment and intends to give a strong thrust to this business in the coming years.
The company is aiming over $40 million jump in its animal feeds business from app. $199 million in 2009 to $238 million in 2010.
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