Himalaya International, BSE listed food processing company, will set up India’s first functional food project at the total cost of Rs. 110.00 crores at Keshwana Rajput near Behror in Jaipur District in Rajasthan, announced Man Mohan Malik, chairman, Himalya International here today. Himalya International is also credited for being the first frozen food manufacturing company of India.
He told that company has acquired 32 Acres land on Delhi-Jaipur National Highway-8 at Behrod in Rajasthan for setting up the project, which is around 80 miles from New Delhi. He told that proposed project will be financed up to $ 6 million by EXIM bank of USA at concessional rate of 4.37 per cent interest under the India Infrastructure Facility by providing long-term funds to be utilized for import of plant & equipment. He told that Debt of Rs 40 Crores shall be raised in addition to $ 6 million from State Financial Institutions and Rs 40 Crores will be inducted in the project by raising equity. Company will require working capital of US $ 10 million.
The total expected sales & Gross Profit (EBIDTA) by 2012 shall be Rs. 250 crores & Rs 50 crores respectively. He told that state of Art plant and other major equipment equivalent to US $ 10 million plus shall be imported from USA and major raw materials & semi finished fruits shall be imported in bulk packs from California USA. Man Mohan Malik further told that company shall employ 800 people at this facility and will use green technology to target zero waste and shall recycle its entire waste. He told that Company will process 20,000 kgs of almonds daily and shall produce 400,000 nutrition bars / day on state of the art high tech line. He told that company shall manufacture Chocolate coated Almonds, Jordan Almonds, Roasted almonds, almonds in honey, cereal bars, meal replacement bars and protein bars in the plant Himalaya shall do contract farming for Oats in Rajasthan which is the basic ingredient for healthy, high fiber Cereals & Bars and added that at full capacity plant shall be producing 100 million “Cereal & Health Bars” & processing 7000 Tons of Almonds & Berry fruits per annum valued at more than $ 120 million.
Company will import California almonds in shells to be processed and packaged for Indian Consumers he added. He told that it is expected that more than 300 million people will rise above Middle class level by the year 2012 in India and will become one of the major consuming markets by the next decade and the company wants to target this segment of society through this project. Man Mohan Malik told that India with its burgeoning middle class is emerging as a big consumer of Nuts & fruits and Himalaya has identified huge potential for processed California Almonds and Berry fruits. Almonds already have a special place in the Indian culture. Himalaya proposes to use this advantage to import & process new variants of this healthy nut as roasted, salted, Coated & sweetened and as Butter & almond oil.