Singapore firm to invest Rs 70 cr in Barasat based agri-lab
A Singapore-based company has decided to invest Rs 70 crore after entering into a partnership with EFRAC (Edward Food Research and Analysis Centre) laboratory at Barasat in North 24 Parganas.
It may be mentioned that the investment in the state is the outcome of Chief Minister Mamata Banerjee’s visit to Singapore to bring in investment for West Bengal.
The discussion with the Singapore based company Mandala Capital Limited that focuses on long term investment in the food and agri sector in the Indian sub-continent had initiated during the Chief Minister’s Singapore visit. Moreover, there was also a discussion on the matter during the Bengal Global Business Summit.
Dr Amit Mitra, the state finance minister, said that at present, 68 scientists work in the laboratory.
With the investment, the number will go up to 150 and in the next three to four years there will around 300 to 400 scientists working in the laboratory.
Efrac is a testing and research laboratory for food and agriculture, pharma and environment sectors. Mandala is taking 51 per cent stake in Efrac and it invested Rs 70 crores. The money will be utilised in bringing further development in infrastructure and capabilities of the laboratory. The group also has a plan to further invest the equal amount of money after it’s initially success.
It may be mentioned that the Opposition had raised voice against the Trinamool Congress government alleging that it had failed to bring in investment in the state in the past five years.
The Opposition had even made it a major issue ahead of the Assembly elections in the state.
Mamata Banerjee had left no stone unturned to bring in more investment and there was an investment of Rs 2219 crore in the 2015-16 fiscal only in the IT sector.
Moreover, the state had reached to a newer height in the MSME sector in the past five years.
Banerjee after coming to power for the second term has given stress to bring in more investment in the state.