Synopsis
Agristo Masa Pvt Ltd, a joint venture of Masa Global Food and IMSTO NV, announced a Rs 750 crore investment in its Uttar Pradesh plant, enhancing the agricultural landscape and raising the total investment to over Rs 1,000 crore, benefiting thousands of farmers.Key Takeaways
- Agristo Masa invested Rs 750 crore in UP.
- Total investment now exceeds Rs 1,000 crore.
- Farmers' income increased by 50% in three years.
- 2,500 farmers to benefit from the expansion.
- New production line for french fries to be established.
New Delhi, March 2 (NationPress) Agristo Masa Pvt Ltd, a collaboration between Masa Global Food Pvt Ltd (a division of Wave Group) and IMSTO NV from Belgium (the parent company of Agristo NV), has revealed a substantial investment of Rs 750 crore in its plant located in Uttar Pradesh, significantly boosting the agricultural sector and bringing the total investment to over Rs 1,000 crore.
The Bijnor facility operated by Agristo Masa has positively impacted the livelihoods of farmers in western Uttar Pradesh, raising their earnings by 50 per cent over the last three years.
This expansion is set to benefit approximately 2,500 farmers in the region, in addition to the 500 farmers who have already gained sustainable livelihood options through the plant's initiatives, according to a company statement.
Since its launch in July 2022, potato cultivation productivity has surged from 17 tonnes per hectare to 32 tonnes per hectare, marking one of the highest yields in the nation.
“Our goal is to empower farmers and diversify their cash crops beyond sugarcane. We have been able to assist farmers in doubling their potato output using advanced technologies. Their income has seen a 50 per cent increase over the past three years,” stated Manpreet Singh Chadha, Chairman of Wave Group, which holds a 50 per cent stake in the joint venture.
The facility, catering to both domestic and international markets including North America, Middle East, Southeast Asia, and Japan, previously required an investment of Rs 250 crore for a potato flakes production line.
The new Rs 750 crore investment aims to establish a fresh production line for french fries.
Kristof Wallays, Director of International Expansion, Innovation, and Sustainability at Agristo, remarked that the Bijnor plant exemplifies what can be achieved through a combination of vision and technical expertise.
“Collaborating with Masa Global Food has enabled us to make a significant contribution to India's rapidly evolving agriculture and food processing sectors, ensuring the development of all stakeholders. Alongside the skills of Indian farmers, we benefit from the expertise of several Belgian companies such as Vyncke through their Indian venture forbesvyncke and AVR, which specializes in harvesting machinery,” Wallays added.
The Minister-President of the Government of Belgium's Flanders region, Matthias Diependaele, highlighted that the plant symbolizes strong ties between Flanders and India, showcasing Belgium's commitment to being part of India's growth narrative.
“Flanders is recognized for pioneering innovations. The Agristo Masa facility in India is outfitted with state-of-the-art Flemish technology,” Diependaele remarked, emphasizing that this expansion will further enhance production and deepen collaboration with local farmers.
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