Mumbai, July 7 (PTI) Karuturi Global Ltd (KGL), the world”s largest organised player in the floriculture industry, today said that it would invest USD 100 million for setting up a sugar-cane crushing plant in Ethiopia (Africa). “We will invest USD 100 million in a phased manner to set up a sugar-cane plant in Ethiopia.
The first phase of the plant is expected to be operational by October this year,” KGL”s Promoter and Managing Director Ramakrishna Karuturi told reporters on the sidelines of an event here today. The plant will have a capacity of crushing 7,000 tonnes per day, he said.
The company will use 15,000 hectare of its three-lakh hectare land that it recently bought in Ethiopia for sugar- cane plantation, he said. KGL is a global market leader in production and export of cut roses.
It caters to the domestic and international markets through its Indian, Ethiopian and Kenyan operations. The company exports cut roses to Europe, Southeast Asia, the Middle East, North America, Australia, Japan and New Zealand, besides sales in India.
Exports constitute about 90 per cent of its revenues.