The Hindu Business Line : Global Green to expand footprint

Bangalore, June 13 Global Green Company Ltd (GGCL), the agribusiness subsidiary of the $3 billion Avantha Group led by Mr Gautam Thapar, will be expanding its operations to Vietnam and the Philippines to enlarge its global footprint.

The company is in the process of finalising its ventures for sourcing produce and setting up production facilities in these two countries after establishing itself firmly in North America and Europe.

The company is also in advanced stages of discussion with a private equity, purely to enhance its market profile to prepare the company to go for an IPO next year, said Mr Vineet Chhabra, Managing Director and Group Chief Executive Officer, GGCL,

Declining to give details of funding requirement, Mr Chhabra said investments would be used to increase market share in Turkey, Vietnam and double the sweet corn production. He said: “The PE route is being chosen more to bring in strategic inputs, which would bring organisation to the next level, to go for an IPO”.

It produces and markets processed pickled cucumbers (gherkins, cornichons, pickles and relish), sweet-corn, silver skin onions, peppers (jalapeno and paprika), cherries, capers and mixed vegetables.

GGCL grows its produce in India and Hungary, Belgium and has a joint venture in Turkey, a processing unit. Currently, it produces 60,000 tonnes of gherkins in India and accounts for 27 per cent of exports from the country. In Dunaciliti, Hungary, GGCL is planning to double its corn production from 27,000 tonnes, Mr Chhabra said

GGCL’s earnings in 2008-09 were close to $130 million and expects it to grow by 15 per cent this year to $150 million, purely through organic growth.

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