Indian seed company to invest $8m in Zambia
By Staff Reporter
Prasad Seeds Company Limited, an Indian seed firm plans to invest US$8 million in setting up a seed research, production, processing and distribution facility in Zambia.
In a press statement issued by first secretary for press and tourism at the Zambian High Commission in New Delhi, India, Bangwe Naviley, Prasad Seeds chairman Karumanchi Prasad said the entry into Zambia would open up investment in Africa for the company.
Bangwe quoted Prasad as saying he was convinced that Zambia was the best investment destination which “has a stable political system and a strong legal framework that protects private sector investment.”
“He said this in Hyderabad in the Indian State of Telengana after having a final meeting with Zambia High Commission in India before starting operations in Zambia,” Bangwe stated.
And Bangwe stated that Zambia’s high commissioner to India Judith Kapijimpanga urged Prasad Seeds to also consider venturing into vegetable and paddy rice seeds processing because “Zambia is currently importing such seeds.”
“Kapijimpanga says the decision by Prasad to invest in Zambia is welcome as Indian investments in the country have exceeded US$5 billion,” Bangwe stated, adding that the Zambian High Commission in India was happy to note that Prasad Seeds had existed for over 30 years with core competence in seed processing in its 72 factories in India.
Prasad Seeds in India sits on a one million square feet piece of built-up factory space that provides 70 per cent of the Asian country’s seed requirements.