NHC Foods plans to set up a manufacturing unit in Liberia

Mumbai: NHC Foods on Friday said the company is setting up a production facility in Liberia in West Africa, which will manufacture and process fruit juices and allied food and beverage products.

The company has entered into a binding Heads of Terms (HOT) with Liberia Special Economic Zone Development Company for the proposed sub-lease and development of the facility in Monrovia, Liberia, NHC Foods said in a statement.

The proposed facility, located within the Special Economic Zone, will be at the Monrovia Industrial Free Zone (Starbase) on Bushrod Island, spanning an approximately 7,580 sq. m. industrial plot.

“Our focus with this initiative is to build greater depth in our food business by moving closer to processing and the end consumer. Establishing an on-ground manufacturing capability will give us greater control over product development, quality and supply while helping us respond more effectively to local market requirements.

“We believe this approach can complement our existing strengths in agricultural commodities and create new avenues for value creation as the business evolves,” NHC Foods Managing Director Satyam Shirishchandra Joshi said.

The project will be funded through earmarked resources, internal accruals and other permissible financing arrangements, while the final project cost, capacity and implementation timeline will be determined following detailed feasibility and development studies, the company added. PTI