Wave & Agristo Pump Rs 750 Crore into UP Potato Plant

Wave Group and Belgium-based Agristo NV will invest approximately Rs 750 crore to expand their potato processing plant in Uttar Pradesh, aiming to produce premium French fries amid rising global demand for processed food.

In 2019, Wave Group’s Masa Global Food and Agristo’s subsidiary, IMSTO NV, Belgium, formed a 50:50 joint venture named Agristo Masa. The venture established a potato processing plant in Bijnor, initially focused on producing dehydrated potato flakes. The facility commenced operations in 2022 with an annual production capacity of 7,500 tonnes.

The expansion, requiring an additional Rs 750 crore, will be funded through a mix of equity and debt. The joint venture had earlier invested Rs 300 crore in setting up the existing plant, bringing the total investment commitment to over Rs 1,000 crore.

News by Rahul Yelligetti.