Karuturi Exports to Reach One Billion USD

September 27, 2010

The company acquired about 300,000 hectares of land in Gambela region where it will cultivate maize, rice, palm and sugarcane while it received the balance around Holeta area for a rose farm project, according to Karuturi.

The Indian conglomerate, which received the largest farmland allotted for investment project in Ethiopia, is finalizing negotiation with the Exim Bank of India which gave it the green light to raise a USD 180 million for the USD1.4 billion ambitious project the company is set to launch. The total amount of land the company took is about six times the size of Addis Ababa.

“The bank is willing to provide us a USD 50 million guarantee to raise a USD 180 million for the project,” Karuturi told The Reporter. “We will be raising the balance from various financial institutions to realize our project.”

Source Ethiopian Reporter