UAE-based Al Barakah Dates Factory intends to expand its operations into India by setting up a dates packing and processing facility as part of its expansion strategy.
The company has allocated $20 million to set up a processing facility to increase production locally, Yousuf Saleem, Managing Director at Al Barakah Dates Factory, told The Hindu Business Line financial daily.
The processing facility in Navi Mumbai is expected to be operational next year with a targeted production capacity of 50,000 tonnes.
Saleem said that the low production cost and a large market in India is an added advantage.
The Comprehensive Economic Partnership Agreement (CEPA) between India and UAE will boost the trade of dates due to nearly 22% savings in duty, a “massive one” for the company, he added.
Al Barakah Dates set up a joint venture with Candor Foods Private Ltd, Mumbai, in January 2022 to promote UAE and other date varieties.
(Editing by Seban Scaria firstname.lastname@example.org)