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IFC to invest Rs 130 crore in Srinivasa Farms

International Finance Corporation (IFC), a member of the World Bank Group, has committed to invest Rs 130 crore in Srinivasa Farms, a Hyderabad-based poultry production, breeding and animal feed player.
IFC to invest Rs 130 crore in Srinivasa Farms

The company said that it will use the IFC investment for pan India expansion and product diversification.

The privately-owned firm has offered 20 per cent stake to IFC for this strategic investment.

Suresh Chitturi, Vice Chairman and Managing Director at Srinivasa Farms, told reporters here on Thursday that the company has set a target to triple its growth over the next three to four years.

The company had a turnover of Rs 640 crore in 2018-19.

Chitturi said Srinivasa Farms planned to invest Rs 300 crore over the next two to three years to double its capacities.

"The plan is to pursue a collaborative growth model to expand allied businesses such as retail, processed foods and agri-businesses, besides value-added products," he said.

The company has already invested the first tranche of Rs 65 crore received from IFC. The remaining funds are expected to be available by the end of 2019.

Apart from funds infusion, IFC will bring to the table its global expertise in the poultry sector, technical advisory on best operating practices and climate-smart agricultural practices, corporate governance and food safety standards, Chitturi said.

Srinivasa Farms has diversified interests in soya, feed, contract farming, chicken processing and retail.

The company, which currently has an annual capacity of 3 crore layer chicks and 3 crore broiler chicks, aims to double them in four years.

Expanding beyond Telangana and Andhra Pradesh, Srinivasa Farms plans to set up three breeder farms in north India and three in Tamil Nadu. It also plans to have four hatcheries at various places in the country.

The company is also looking at possibilities of setting up chicken processing plants in Kolkata and Delhi.

It currently has a chicken processing plant in Hyderabad with a capacity of 20,000 birds a day. It plans to double the capacity in 12-18 months.

The company's food park in Prakasam in Andhra Pradesh will be operational by the end of the current year. The park will have chicken and egg processing plants.

( With inputs from IANS )

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