IG International to invest USD 10 mn in cold storage expansion

Fresh fruit importer IG International today said it is planning to invest USD 10 million (around Rs 65 crore) to expand its cold storage network in major regional hubs.

"IG International is looking to invest up to USD 10 million in expanding its cold storage network and plans to open more plants in major regional hubs, including in Delhi, Kolkata and Nashik," the company said in a release issued here.

The company, which has 14 cold storage facilities, recently added a new establishment at Khopoli on the Mumbai-Pune Expressway with an investment of USD 1 million, it said.

This facility will supplement the brand's existing cold storage facilities in Maharashtra and will cater to IGIPL's own fresh produce consumption, IG International Director Tarun Arora said.

"The cold chain industry in India is currently valued at around USD 10 billion and has been growing at an annual rate of 18-20 per cent for the last three years.

"Keeping in view the growth potential in cold storage infrastructure, this facility has been launched near Mumbai to further strengthen our robust cold storage network and to enable more efficient storage and distribution of fresh imported fruits all across the country," Arora added.

IG International imports from 22 countries handling over 31 varieties of fresh fruits.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)