BANGALORE, INDIA – Karuturi Global, a Bangalore-based floriculture company, has enteretd into agriculture business in Ethiopia. The company will engage in cultivation of maize, rice, vegetables and other commercial crops in 11,700 acres of land in Bako area of Ethiopia.
Import of machinary and other infrastructure into Ethiopia is underway and the entire project is expected to be completed by 2014.
“Agriculture segment of the company’s business is expected to contribute nearly 25% of the total revenues during financial year 2009-10 and by 2010, the revenues from agriculture is expected to exceed the forticulture revenues of the company,” said Sai Ramakrishna Karuturi, managing director of Karuturi Global.
He also said, “This venture of entering into agriculture sector has given me more satisfaction as an human being than as a business man, as this will initiate the company`s endeavor to meet upto 5% of the global food demand. In addition to this venture, the company has also acquired additional 360 hectares of land in Wolliso, Ethiopia for cultivation of roses.”
Shares of the company declined Rs 0.5, or 5.78%, to settle at Rs 8. The total volume of shares traded was 2,084,824 at the BSE (Wednesday).