SPS Group acquires 55% of Pailan arm
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- Published 8.04.08
Calcutta, April 8: Calcutta-based SPS Group has acquired a 55 per cent stake in Pailan Group’s Ascon Agro.
SPS will now have management control of the company, which had set up a 100 per cent export-oriented unit for manufacturing potato flakes at Dhaniakhali, Hooghly, in last October.
The unit can produce 7,000-8,000 tonnes of potato flakes in three shifts every year. Potato flakes are used to make snacks and are also utilised as thickening agent in soups and bakery products.
SPS group chairman Bipin Kumar Vohra said he planned to expand the unit’s capacity and also set up other facilities at Dhaniakhali.
“We want to set up a meat-processing unit there, which will need an estimated investment of Rs 40 crore,” he said.
The group also plans to develop an agricultural product-processing park around the unit.
ICICI Infra is drawing up a plan for the park, which requires 70 acres.
SPS will act as the anchor developer for the project, which may involve an investment of around Rs 100 crore.
Pailan Group, which runs a management school, said Ascon Agro had been allotted land to set up a pineapple-processing unit at Islampur.
There is a buyback arrangement in place with an Italian company.