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Hyderabad-based Srinivasa Farms plans to raise $30 million in private equity to fund present and future expansion agenda. The firm is in talks with the firm to raise the money.
Suresh Chitturi, Vice-President and Managing Director of Srinivasa Farms, stated that the company is planning to close the deal by March 2018. Part of the proceeds will go into ongoing projects, including in the food park in Prakasam district of Andhra Pradesh.
The company is planning to increase its layer chicks capacity by three-fold to about 80 million from the present 35 million.
Srinivasa Farms is setting up the food park in association with Malaxmi group by forming a special purpose vehicle. It is investing Rs. 116 crore in setting up chicken and egg processing units there.
The company had previously signed an agreement with US-based poultry layer genetics firm Hy-Line International to set up a joint venture to explore the business in India. While the US firm will take care of the genetics side of the business, Srinivasa Farms will focus on distribution of the chicks across the country.