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Jul, 18 2017

Saraf Foods to invest Rs 60 crore in new manufacturing unit

The investment comes through an equal mix of debt and equity while we are also approved for Rs 10 crore as cold chain subsidy from the Ministry of Food Processing Industries.

Aiming to diversify into air drying, adding capacities in freeze drying and strengthening backward integration, Saraf Foods Limited, a Vadodara-based freeze dried specialist food processing company, will invest Rs 60 crore to set up a new manufacturing unit at Waghodia in Vadodara district.

Suresh Saraf, Chairman and Managing Director, Saraf Foods Limited, said, "We have set a target to roll out the air drying operations by end of November. The site development for the new facility is already underway and the building construction is expected to start next week."

He said, "The investment comes through an equal mix of debt and equity while we are also approved for Rs 10 crore as cold chain subsidy from the Ministry of Food Processing Industries."

Individual Quick Freeze (IQF) at the new facility is expected to start functioning by mid-January, 2018. The new freeze-drying unit will commence operation by end of April, 2018.

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