Sai Ramakrishna Karuturi feels a growing sense of unease these days. It stems from an email that Karuturi received on March 7. The sender wrote he had lost Rs 7 lakh by investing in Karuturi Global Ltd's shares.
Karuturi said it will borrow "hundreds of millions" of dollars from a sovereign wealth fund to invest in farming in East Africa after development banks declined to provide assistance because of “unfair” criticism by advocacy groups
Africa’s agriculture and food industries are attracting increasing interest from investors. This trend is largely fuelled by the fact that the continent has 60% of the world’s uncultivated arable land, with favourable weather conditions in many countries.
Faced with reports of land grabbing by Indian companies in some African countries, especially Ethiopia, the government says the Indian companies have taken land on lease as per rules of the country concerned.
L’Inde, autre puissante émergente, a elle-aussi pigé l’aubaine des appels du pied de Zenawi. Mais plutôt que de miser sur la production manufacturière où il est difficile de concurrencer l’atelier chinois, New Delhi s’est rabattu sur le gâteau agricole.
As losses from Karuturi's Ethiopian farm operations mount, over 3,000 workers from the company's flower farm in Kenya down their tools to protest non-payment of their salaries and poor working conditions.
The company has approached the African Development Bank, the African Export-Import Bank and the Eastern and Southern African Trade and Development Bank to raise another $100 million for a sugarcane estate.