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Beta group to invest 100 m USD in West African nation Guinea Bissau

Kearla based Beta group headed by business tycoon, Dr. J. Rajmohan Pillai which is the one of the largest food conglomorate of Asia will be investing 100 Million US dollars in West African nation, Guinea Bissau to open a new cashew processing unit.

Thiruvananthapuram, Dec 2 (BPNS)

Kearla based Beta group headed by business tycoon, Dr. J. Rajmohan Pillai which is the one of the largest food conglomorate of Asia will be investing 100 Million US dollars in West African nation, Guinea Bissau to open a new cashew processing unit.

A memorandum of understanding was signed in this regard between the Beta Group and the Guinea Bissau government the other day. In the function which was held at the office of the Economic and Planning Minister of Guniea Bissau, Beta Group West Africa holdings Chairman ,K.P. Ramesh Kumar and the Economic and Planning Minister, Jose Carlos Varela Kasmi exchanged the memorandum of understanding between Beta group and the Government of Guinea Bissau. Tourism Minister of Guinea Bissau, Fernando Vas, Beta Group Chairman, Dr. J. Rajmohan Pillai ,Beta Group directors, Rajnarayanan R. Pillai and P.S. Sachithanandan participated in the function.

Beta group is investing 100 million US for procuring, processing and exporting of Cashew for a period of five years in Guinea Bissau. Beta Group Chairman, Dr. J. Rajmohan Pillai said that the project is envisaged focussing on the United States and Chinese markets.

it is to be noted that among the West African countries, Guinea Bissau stands second in terms of Cashew production. The country is in the fifth position globally as far as cashew production is concerned. Cashew is cultivated in this West African nation at around 2.23 lakh hectares of land.

Maximum volume of Cashew produced in Guniea Bissau is exported to India for processing as the country has a capacity of processing only 15000 tonnes of Cashew nut a year which is only 9% of the total cashew production in that country. With Beta group opening a new unit an additional 25000 tonnes of Cashew nut can be proceesed in this country.

The agriculturists and farmers of Guniea Bissau were given training in Cashew procuring, processing and export by Nabisco Commodities which was a company under the flag ship of Beta group. It was infact Nabisco that imported Cashew to India from Guinea Bissau and Rajmohan Pillai said that it was under this background that the government of Guinea Bissau invited Beta group. The noted cashew brand, Nutking and Ola are from the stable of Beta Group.