Mandala Capital of Singapore will be investing USD 10 million (around Rs 68 crore) to acquire 51 per cent stake in food processing laboratory EFRAC, West Bengal Finance Minister Amit Mitra said today.
"This is just the beginning. They have plans to invest another USD 10 million," he said, recalling West Bengal Chief Minister Mamata Banerjee's visit to Singapore in 2014.
Mandala has so far invested about Rs 1,200 crore over the years in Indian agri-businesses.
EFRAC runs an integrated testing and research laboratory for food processing, pharmaceutical and environment sectors at Barasat in North 24 Parganas. It has a team of 94 scientists, which would be increased to 130 next year.
EFRAC officials said with the funds, they plan to set up a USFDA certified pharma testing facility and expand its network of sales offices and collection centres.
Dominic Redfern of Mandala Capital said they decided to invest in the company because of the highest standards of ethics practiced in the laboratory.
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