Chordia group signs deals with 5 cos for industrial park

Pune: Pickle maker Chordia Food Products (CFP) on Tuesday said it has signed a pact with five companies to set up factories at its 220-acre industrial park in Shirwal near Pune.

In the first phase of the agreement, 20 acres of prime land in the industrial zone will be taken up.

The company said among the early investors were Ajay Pipes (10 acres), a pharmaceutical company (5 acres), two packaging units and one refrigeration company. Further, the company said it was also in the process of finalizing MoUs with two other companies to invest in the industrial park. “The company will invest Rs30-40 crore in parallel infrastructure like guesthouses, gardens and other facilities in the industrial zone and will be financed by the proceeds of the first few deals and debt,” said MD Pradip Chordia said.

The 220 acres adjoins the company’s 50-acre functional food park.

Chordia said the present value of the 220 acres was about Rs300-400 crore and the revenue model was mixed (rent, buyout and revenue share). He said the land was acquired by the firm in different stages.

The company said that the CFP park has got enquiries from automobile companies and other big industries from USA, Germany and Thailand.

Chordia said that the park was a D-Zone park with benefits like part GST waiver, stamp duty waiver and discounts on electricity.

For the pickle maker, which clocks about Rs70 crore in yearly revenue, the foray into the industrial park is a relatively new line of business.

Out of the overall land, 60% is allocated to industries, 30% to residential area and the rest to a commercial hub, CFP said in a statement.