As per the January order of the the court, Karuturi was obligated to repay debt and redeem the farm in the next 90 days, he said.
"The investment comprising of a blend of debt and equity is expected to help Karuturi meet its current debt obligations and leapfrog it towards restarting its operations following the conclusion of a four-year receivership in Kenya," he added.
Karuturi's Naivasha farm in Kenya has 500 acres of land with 300 acres of greenhouses valued at over USD 100 million. The farm produces about 33 million roses annually for export to Europe accounting for about 10 per cent of Kenya's exports of cut flowers.
The CEO said the company will re-employ ex-employees and re-establish all social benefits.
"The investment is timely," Phoenix Group Executive Chairman Gaurav Dhawan said, adding that the company is keen to contribute to the revival of Karuturi.
"We are excited to contribute to the revival of Karuturi thereby enabling 2,200 strong workforce of largely women and youth to come back to work. We only await certain clarifications from the court to initiate the process," Dhawan said.
Karuturi, based in Bengaluru, also has floriculture farming in India and Ethopia besides food processing, retailing and IT. Phoenix operates 10 business verticals in 22 countries.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.