The new Rs750 crore will fund the addition of a French fries production line to meet growing demand in both domestic and export markets
Agristo Masa Pvt Ltd, a joint venture between Masa Global Food Pvt Ltd (a subsidiary of the Wave Group) and IMSTO NV, is investing Rs750 crore to expand its Bijnor plant in Uttar Pradesh. This new investment brings the company’s total commitment to over Rs 1,000 crore.
The expansion was marked by a groundbreaking ceremony attended by Princess Astrid of the Kingdom of Belgium, Uttar Pradesh’s Finance Minister Suresh Kumar Khanna, Chief Secretary Manoj Singh, and members of the Belgian economic mission to India.
The expansion will benefit approximately 2,500 local farmers, adding to the 500 farmers already supported by the plant’s initiatives, which provide sustainable livelihood opportunities. The company aims to drive comprehensive regional development through its efforts.
Initially, the plant had received Rs250 crore in investments for a potato flakes facility. The new Rs750 crore will fund the addition of a French fries production line to meet growing demand in both domestic and export markets, including North America, the Middle East, Southeast Asia, and Japan.
Manpreet Singh Chadha, Chairman of Wave Group, which holds a 50 per cent stake in the joint venture, shared the company’s commitment to diversifying local farmers’ crops beyond sugarcane. “By implementing new technologies, we’ve helped local farmers double their potato yields and increase their income by 50 per cent over the past three years,” said Chadha.