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Lawrencedale to raise funds

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Lawrencedale Agro Processing India Pvt. Ltd., which collects, processes and distributes branded and packaged fresh fruits and vegetables to retailers, is looking at raising Rs.50 crore private equity funds this year.

P. Vijayaraghavan, Chief Executive Officer of Lawrencedale Agro Processing, told The Hindu on Wednesday that Aspada Investments, a private equity fund, had invested Rs.10 crore in the company in 2013. “We are talking to people to raise another Rs.50 crore this year and hope to complete it by September-October,” he said. This would be used for setting up post harvest management systems in several locations.

The annual turnover of the company is Rs.30 crore and it handles 25 to 30 tonnes of vegetables and fruits a day now. It plans to increase the volume to 250 tonnes.

It sets up cold storage, pre-washing, packaging facilities in vegetable and fruit cultivation centres. “We have invested Rs.6.50 crore to set up three such centres, including Jadayampalayam and Masakkal,” he said.

The company procures vegetables from farmers, especially those with less than five acres, cleans, grades and packs the produce under the brand ‘LEAF’.

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Printable version | Jun 19, 2018 11:55:26 PM | http://www.thehindu.com/business/lawrencedale-to-raise-funds/article7430308.ece