New Delhi, March 2 – In a significant move to meet the rising global demand for processed foods, Wave Group, alongside Belgium's Agristo NV, has announced a ₹750 crore investment to expand their potato processing plant in Uttar Pradesh. The expanded facility will focus on producing premium French fries, catering to both domestic and international markets.
The expansion comes as part of a joint venture between Wave Group's subsidiary Masa Global Food Pvt Ltd and Agristo's affiliate IMSTO NV, Belgium. The two firms established this 50:50 joint venture, Agristo Masa Pvt Ltd, in 2019, initially setting up a potato processing plant in Bijnor, Uttar Pradesh. The plant began operations in 2022 with a capacity of 7,500 tonnes annually, producing dehydrated potato flakes.
Aiming for Global Market Reach
In an exclusive interview, Wave Group Chairman Manpreet Singh Chadha highlighted the significant growth potential within India’s food processing sector. He emphasized the importance of boosting crop yields and processing capabilities to enhance farmers' incomes.
"To meet the global demand for high-quality French fries, we are setting up a new production line at the Bijnor plant," said Chadha. The new line, with an annual capacity of 80,000 tonnes, is set to begin operations within the next two years, further strengthening the company’s commitment to the B2B (business-to-business) market. The joint venture has already invested around ₹300 crore in the initial plant setup, bringing the total investment to over ₹1,000 crore.
Empowering Farmers and Boosting Local Economy
A key aspect of the expansion involves the positive impact on local farmers. Chadha explained that the joint venture's initiatives have already helped local farmers significantly increase their potato yields, with production per hectare rising from 17 tonnes to 32 tonnes. Additionally, the farmers' income has seen a 50% increase over the last 3-4 years, thanks to the introduction of new farming technologies.
"This project is about empowering farmers and helping them diversify their crops beyond traditional options like sugarcane. We’ve been able to double the potato output, which has been crucial in improving their income," said Chadha.
Around 2,500 farmers are expected to benefit from this plant expansion, joining the 500 farmers who have already gained sustainable livelihoods through the existing facility. The plant also ensures access to high-quality seeds and guarantees remunerative prices for the potatoes purchased from local farmers.
Dignitaries Attend Groundbreaking Ceremony
The groundbreaking ceremony for the expanded facility was attended by notable dignitaries, including Princess Astrid of the Kingdom of Belgium, Uttar Pradesh Finance Minister Suresh Kumar Khanna, and Chief Secretary Manoj Singh.
The new production line is set to cater to markets in North America, the Middle East, Southeast Asia, and Japan, ensuring that the Bijnor plant plays a critical role in India's food processing export capabilities.
Holistic Farmer Support and Technological Expertise
To further support the development of local farmers, Agristo Masa has employed agronomists from Belgium and The Netherlands. These experts will assist in improving farming techniques and farm mechanization in the region.
Filip Wallays, Co-CEO of Agristo, lauded the partnership with Masa Global Food, stating, "The Bijnor plant is an example of how vision and technical expertise can drive results. Partnering with Masa Global Food has allowed us to make meaningful contributions to the rapidly evolving Indian agriculture and food processing sectors, benefiting all stakeholders."
Wave Group's Broader Business Interests
Wave Group is a diversified conglomerate with interests in real estate, sugar, and food processing. The group has ongoing real estate projects in Uttar Pradesh and Punjab and operates two sugar manufacturing plants in the Bijnor region.
With the plant expansion, Wave Group and Agristo are not only enhancing their product offerings but also playing a pivotal role in boosting regional agriculture and the livelihoods of thousands of local farmers.
The expansion comes as part of a joint venture between Wave Group's subsidiary Masa Global Food Pvt Ltd and Agristo's affiliate IMSTO NV, Belgium. The two firms established this 50:50 joint venture, Agristo Masa Pvt Ltd, in 2019, initially setting up a potato processing plant in Bijnor, Uttar Pradesh. The plant began operations in 2022 with a capacity of 7,500 tonnes annually, producing dehydrated potato flakes.
Aiming for Global Market Reach
In an exclusive interview, Wave Group Chairman Manpreet Singh Chadha highlighted the significant growth potential within India’s food processing sector. He emphasized the importance of boosting crop yields and processing capabilities to enhance farmers' incomes.
"To meet the global demand for high-quality French fries, we are setting up a new production line at the Bijnor plant," said Chadha. The new line, with an annual capacity of 80,000 tonnes, is set to begin operations within the next two years, further strengthening the company’s commitment to the B2B (business-to-business) market. The joint venture has already invested around ₹300 crore in the initial plant setup, bringing the total investment to over ₹1,000 crore.
Empowering Farmers and Boosting Local Economy
A key aspect of the expansion involves the positive impact on local farmers. Chadha explained that the joint venture's initiatives have already helped local farmers significantly increase their potato yields, with production per hectare rising from 17 tonnes to 32 tonnes. Additionally, the farmers' income has seen a 50% increase over the last 3-4 years, thanks to the introduction of new farming technologies.
"This project is about empowering farmers and helping them diversify their crops beyond traditional options like sugarcane. We’ve been able to double the potato output, which has been crucial in improving their income," said Chadha.
Around 2,500 farmers are expected to benefit from this plant expansion, joining the 500 farmers who have already gained sustainable livelihoods through the existing facility. The plant also ensures access to high-quality seeds and guarantees remunerative prices for the potatoes purchased from local farmers.
Dignitaries Attend Groundbreaking Ceremony
The groundbreaking ceremony for the expanded facility was attended by notable dignitaries, including Princess Astrid of the Kingdom of Belgium, Uttar Pradesh Finance Minister Suresh Kumar Khanna, and Chief Secretary Manoj Singh.
The new production line is set to cater to markets in North America, the Middle East, Southeast Asia, and Japan, ensuring that the Bijnor plant plays a critical role in India's food processing export capabilities.
Holistic Farmer Support and Technological Expertise
To further support the development of local farmers, Agristo Masa has employed agronomists from Belgium and The Netherlands. These experts will assist in improving farming techniques and farm mechanization in the region.
Filip Wallays, Co-CEO of Agristo, lauded the partnership with Masa Global Food, stating, "The Bijnor plant is an example of how vision and technical expertise can drive results. Partnering with Masa Global Food has allowed us to make meaningful contributions to the rapidly evolving Indian agriculture and food processing sectors, benefiting all stakeholders."
Wave Group's Broader Business Interests
Wave Group is a diversified conglomerate with interests in real estate, sugar, and food processing. The group has ongoing real estate projects in Uttar Pradesh and Punjab and operates two sugar manufacturing plants in the Bijnor region.
With the plant expansion, Wave Group and Agristo are not only enhancing their product offerings but also playing a pivotal role in boosting regional agriculture and the livelihoods of thousands of local farmers.
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