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Everest Spices & Zanzibar ink MOU to set up spice mfg unit in Zanzibar
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Thursday, 13 February, 2014, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d The Mumbai-based Everest Spices, one of India’s leading spice manufacturers, distributors and marketers, signed a memorandum of understanding (MOU) with Zanzibar to set up its first overseas spices manufacturing unit in the African country.
It was inked on the occasion of the visit of Ali Mohammed Shein, Zanzibar’s president and chairman, Revolutionary Council (Zanzibar), to the manufacturing facility of Everest Spices (makers of Everest Masala).
The president, upon being welcomed by Vadilal Shah, Everest Spices’ chairman, and Sanjeev and Rajeev Shah, its executive directors, stated that it was his second visit to India.
“We, in Zanzibar and Tanzania have been collaborating and cooperating with India for the last 52 years in the fields of healthcare, trade and culture. On this occasion, we are happy to visit Everest Spices’ factory and experience its services,” Shein added.
“We welcome Everest Spices’ decision to sign an MOU and foster our agri-grain revolution. The spice plant in Zanzibar and Tanzania would be created in cooperation with the Indian expertise. This initiative will help accelerate efforts to increase bilateral trade,” he said.
Sanjeev Shah said, ”Shein’s visit would have a long-lasting impact on the bilateral trade between India and Tanzania, and we, at Everest Spices, are happy to be a partner in his visit. The unit, expected to come up in three years’ time, will cater to the demand for our products in the African market.” To set up the manufacturing unit in Zanzibar, Everest Spices plans to invest around Rs 100 crore.
Rajeev Shah added, “On the domestic front, Everest Spices plans to expand operations by adding another plant with a capacity of 100 tonne a day at Umbergaon in Gujarat. We plan to invest around Rs 150 crore. We have already acquired the land, and hope to start the facility by 2016.” Everest Spices already has three facilities in Mumbai and Umberrgaon, having a capacity of 130 tonne per day.
The total market size of branded spices is estimated at Rs 6,600 crore, and is growing at 14 per cent per annum. Everest Spices exports ten per cent of its products to the United States, the Middle-East, Singapore, Australia, New Zealand and East Africa.
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