Hyderabad: In order to provide impetus to the poultry industry in the State, the Telangana government on Monday signed an memorandum of understanding with Japan-based Ise Foods Inc to set up a large unit in the State by May 2018. The unit, that will have a capacity of 300,000 birds, will compromise of various lines of activities like advanced poultry farm, egg processing, captive solar plant, R&D centre for Li-Ion batteries customised for Indian environment and training centre for training on advanced aspects of poultry.
The MoU is a continuation to the Letter of Intent signed between the government and the Japanese company when Telangana IT Minister K T Rama Rao had visited Japan in January to promote economic partnership.
The agreement was signed by IT principal secretary Jayesh Ranjan and Ise Foods chairman Hikonobu Ise in the presence of Telangana Finance Minister Etela Rajender, Transport Minister P Mahender Reddy, IT Minister K T Rama Rao and special advisor to Japan Prime Minister Miyakoshi Mitsuhiro San. As part of the agreement, Ise will invest Rs 230 crore for the plant, machinery and building and will scale it up to Rs 300 crore over the next three to five years. The unit will provide employment to more than 300 people, the MoU mentioned.
Telangana government has agreed to allocate land at Narmetta village in Nagunoor mandal in Siddipet district for the production facility and solar plant for captive consumption. The company will receive 100 per cent net SGST rebate for seven years or realisation of capital investment – whichever is earlier – and get 100 per cent stamp duty reimbursement for land sale, lease or mortgage. In addition, there will be assured water supply and reimbursement of training costs of up to Rs 1 crore per year will also be given.