Karuturi Global denies reports of slashing of land concession by Ethiopian government

BSE | 4 May 2011


Karuturi Global Ltd has informed the Bombay Stock Exchange by way of a Press Release dated May 04, 2011 titled "Karuturi Global denies reports of slashing of land concession by Ethiopian government".

Bangalore, May 4th, 2011: This is in response to reports published recently in the media stating that the Government of Ethiopia, which had granted a land concession to Karuturi Global (BSE: 531687), (NSE ID: KGL) for a cultivable land base of 311,000 hectares in Ethiopia, has reduced the concession by two-thirds to 100,000 hectares (247,105 acres). Karuturi Global wishes to confirm that these reports are incorrect.

Speaking on the issue, Mr. Sai Ramakrishna Karuturi, Founder & MD, Karuturi Global, said, "The reports claiming that the Government of Ethiopia has reduced the land concession given to Karuturi Global, are completely baseless. Karuturi is developing 111,700 hectares of agricultural land in the first phase of the growth planned in Ethiopia. The balance 200,000 hectares of land continues to be with us as part of the concession and will be developed in a phased manner."

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https://farmlandgrab.org/post/18551
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BSE http://www.bseindia.com/xml-data/corpfiling/AttachLive/Karuturi_Global_Ltd_040511.pdf

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