India-based company Karuturi Global Limited is planning to make an investment of $2.5 billion in farmland in Tanzania in the upcoming years.
Chief Minister of Madhya Pradesh's meetings with a delegation from Kenya, Karuturi and Ethiopia were focused on agriculture development and possible areas of work for mutual benefit.
AN extraordinary new process has been at work in the past few years: the aggressive entry of Indian corporations into the markets for agricultural land in Africa, writes Jayati Gosh
En proposant d’injecter 2,5 milliards de dollars (1,7 milliard d’euros) dans le secteur agricole du continent noir, les géants indiens de l’agroalimentaire s’apprêtent à battre le record des deals agricoles signés en Afrique au cours des cinquante dernières années.
Karuturi Global plans to plant 20,000 hectares of land with Sorghum, rice, maize, sunflower and soybeans in Bako area of Oromia regional state and Gambella regional state, by November 2011
The likelihood of Ethiopia facing stiff competition from Tanzania and Uganda in attracting investment from Indian agri-businesses reared its head during a visit from a 35 member delegation last week.
Les affaires sont les affaires: des entreprises indiennes d’agroalimentaire sont prêtes à investir plus d’un milliard d’euros en Ethiopie, Tanzanie et Ouganda
Last week, Uganda received a 35 man business delegation from India interested in the country’s agribusiness potential and boosting its exploits. Mr Ramakrishna Karuturi, the leader of the delegation, said the team intends to invest up to $2 billion in agribusiness pending the issue of investment licences.
The President informed them of 3 available modules of investment that they could take advantage of including processing without getting involved in physical production where an investor buys products from farmers, processes them or engage in core plantation and process the produce into finished items or contracting out-growers so that they as a community of producers can benefit.
New report provides a detailed examination of the role of the Indian government and Indian companies engaged in overseas agricultural land acquisitions in Africa, Asia and Latin America.
Karuturi expects to acquire 311,700 ha of land in Tanzania that is similar to Ethiopia and has already applied for 1000 ha of land at Rufiji Basin, Coast Region.
The company plans to lease land to grow palm oil, sugar cane and cereals in Tanzania, to add to land it has acquired in Ethiopia. Karuturi is visiting Tanzania, Uganda and Ethiopia as part of a delegation of 35 Indian investors.
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