The final modalities for the setting up of unit at Ludhiana were worked out at a meeting of company officials with Chief Minister Amarinder Singh.

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Spain-based food processing company Congelados De Navarra will invest Rs 300 crore to set up a food processing unit at Ludhiana in Punjab, an official spokesperson said today.

The final modalities for the setting up of unit at Ludhiana were worked out at a meeting of company officials with Chief Minister Amarinder Singh here, he said.

The company later signed an MoU with Punjab Bureau of Industrial Promotion (PBIP) for the project, which has been facilitated by IFFCO (Indian Farmers Fertilizer Cooperative) under the Invest Punjab scheme, he said.

A delegation comprising the company's Director General Berito Jimmez and Consultant Inigo Soto, along with IFFCO Chairman BS Nakai and MD US Awasthi, met the chief minister to finalise land for the project, which will generate direct employment for 400 and indirect employment for 5,000 people in the state, he said.

The company, along with IFFCO, had earlier shortlisted two land parcels for the project, he said.

The foundation stone for the project is expected to be laid by the end of this year and production will commence 18 months from the start of the project, which will focus on frozen potatoes, peas and cauliflowers, he said.

The spokesperson said the pre-feasibility study for the project by Congelados De Navarra, a 220 million dollar company that has pioneered the individually quick frozen (IQF) technology, has already been completed.

The company is into processing of vegetables, fruits, herbs and ready-made dishes, he said.

The chief minister directed PBIP to facilitate in processing the Change of Land Use expeditiously to enable the project to start at the earliest, the spokesperson said.(PTI).