According to a project document, in order to improve its country-wide presence and pulse processing capacity, which is currently limited to western and eastern states of India, it has identified five clusters in India.
The company is now expanding its operations nationwide, with a strategic focus on the higher yield and less volatile processing segment and by embarking on an asset-light model for future expansion.
Total cost of the project is approximately $77 million, out of which IFC
plans to provide a loan of approximately $22.5 million in the form of a Non-Convertible Debenture (NCD), said IFC, World Bank's investment arm. The investment would support ramp-up of the company’s operations across its own processing capacities in Kolkata, Gujarat and in Maharashtra and third party processing units across India.
ETC India is a wholly-owned subsidiary of ETC Group Ltd (ETG), a strategic client of MAS Agribusiness with investments in Africa and India.
ETC Group is controlled by Mahesh Patel, Ketan Patel and Birju Patel, who were born in Africa and are based in Tanzania, London and South Africa. In addition, other private equity investors such as Mitsui & Co and Pembani Remgro Infrastructure Fund own minority stake in ETC Group.