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Vegetable Processing Project
IFFCO and Congelados de Navarra (CN Corp), a leading Frozen Food Company in Spain have promoted a Joint Venture Company “CN IFFCO Private Limited” for setting up a Vegetable Processing Project in district Ludhiana, Punjab. IFFCO and CN Corp hold 40% and 60% equity respectively in the Company.
Since the outbreak of the COVID pandemic, the hospitality industry has been severely affected worldwide, which is the major consumer of IQF (Individual Quick Freezing) vegetables. The unprecedented increase in the prices of steel, cement, other metals, as well as frequent restrictions on travel and construction activities, severely affected the project progress. The management of CN IFFCO therefore, decided to put the project activities on hold.