Indian firm to invest $250 mln in three years

AN Indian company, Varun Beverages Limited, will invest over $250 million in Zimbabwe within the next three years, creating over 5 000 jobs, a senior company official has said.
The investment will be channelled towards a potato and tomato puree processing plant as well as a bottling plant for Pepsi beverages.
The $30 million bottling plant, whose ground breaking ceremony was held on Friday in Harare, is expected to be operational in the last quarter of 2016.
Varun Beverages Africa group chief executive Mr Krishnan Shankar said the potato and tomato puree processing plant should be operational in 2018.
Capacity for the bottling plant will be in excess of 200 plastic bottles and 350 cans a minute.
“We own a chain of restaurants in India, so we can export the puree and potatoes for French fries to those operations, and this can be used locally as well. We are also looking at the export market,” said Mr Shankar.
Industry and Commerce Minister Mr Mike Bimha said the investments send a positive signal to other potential investors hesitating to enter the Zimbabwean market.
The country has a perceived high risk profile, which in turn deter investment.
“This is a welcome development coming at a time Government is looking for investment and revival of the manufacturing sector,” he said.
Indian Ambassador to Zimbabwe His Excellency Surinder Datta said India is willing to assist Zimbabwe in its economic turnaround strategy as well as see the success of the Zim-Asset.