GEPL to launch $2 million JV project

Kozhikode, Nov 26: The city based Gharana Exports Private Ltd (GEPL), in association with Mosambique's Invagro, is all set to launch a two-million US dollar joint venture rural development project in Mozambique.

Talking to UNI Managing Director GEPL Alok Kumar Saboo said the credit line for the coconut-based rural development scheme bagged by the joint venture had already been issued by EXIM Bank of India.

As part of the preliminary works, machinery would be exported by next month and implementation of the scheme would begin from January next, he added.

He said the company aimed at manufacturing an array of products such as coir fibre, processed coirpith, desiccated coconut, virgin oil and activated carbon from coconut after creating self sustainable units with local participation, with external management input.

He said the cost of the project would be allocated of a 20 million US dollar credit line announced by India for that country to provide impetus for Indian exports of plant and machinery for joint venture projects.

He said an MoU between the two countries was signed during the visit of Mosabican President Joaquim Alberto Chissano in May 2003, but the project got delayed due to procedural delays.

An agreement with the Indian Institute of Management (Kozhikode) had been reached for providing consultancy assistance to the project, he said.

On its business activities in the Middle East, he said the company exported an average four containers of coirpith a month to Iran and Dubai.

UNI