Avigna Space, the warehousing arm of Chennai-based Avigna group, has planned to invest ₹5,000 crore in developing a world standard food terminal market over an area of 800 acres in Madhya Pradesh. Abhijit Verma, CEO of Avigna Group, informed that the company is currently negotiating with the state government for the same. The group aims to revolutionize the traditional sabzimandi, which is one of the major platforms for farmers to sell their agricultural produce. The company will build a place for national and international trade, with a yard and a dry port, hospitals and budget hotels for farmers. The company is contemplating developing various food and Agri terminal markets across the country in India. The first initiative is in Tamil Nadu, where it is looking forward to ground break by the second quarter of 2021. The company is looking for land at subsidized rates from the state government and the project will be financed with 40% equity and 60% debt. Part of the equity will come as a foreign direct investment (FDI). In Chennai, it is developing a 10 million sq ft of integrated mega food terminal market and the estimated project cost in TN is ₹2,000 crore. For Madhya Pradesh, it has given expression of interest and will have to finalize the location of land available. In MP, the company has planned one mega food-park and 12 primary processing markets and in line with the new farm bills, the company will promote fair pricing, high-quality storage units, open trade with domestic and international buyers with no involvement of middlemen.
📅Published on:
19 April 2021
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