In a welcome development for the food processing sector in India, Bangladesh based agro-processing group Programme for Rural Advancement Nationally (PRAN) has announced plans to invest around Rs 6.8 crore for the setting up of an agro-food processing unit in Tripura. The venture will be supported by the Tripura Industrial Development Corporation (TIDC).
According to TIDC chairman Pabitra Kar, PRAN has been permitted to invest 10 crore Bangladeshi Taka in the state of Tripura. He added that TIDC had allotted two acres of land for the set-up of the agro-food unit at the Bodhjungnagar Industrial Growth Centre, which is located 22 km from Agartala.
The project will also boost the employment scenario in the state of Tripura and would be an ideal opportunity to bring in foreign investment. TIDC will also provide support for the logistical aspect of the project.
According to PRAN CEO Amjad Ali Khan Chowdhury, the company is also looking to raise capital from Indian as well as foreign institutions to expand its business. He added that there is a demand for products in that region. The product portfolio of PRAN includes beverages, juices, confectionary and premium rice. The company also exports to 82 countries across the world and has a strong global presence.
Presently, PRAN produces more than 200 food products in 10 different categories. Since its establishment in 1981, the company has grown from strength to strength and emerged as one of the leading food processors from the subcontinent. With more than 30,000 employees, PRAN is also one of the largest food processors in Bangladesh and its entry into the Indian market marks a positive sign for the food processing sector in the country.
With the Indian economy struggling to bring in foreign capital, the project will be a positive step in enhancing trade relations with neighbouring countries in this time of crisis.