Matrix Agri to set up 3 plants for granulated biofertilisers

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Hyderabad, Sept 5 : Matrix Agri Sciences, part of the Rs 40-crore Matrix group and engaged in aquaculture and agriculture, has set a target to achieve Rs 100 crore turnover in this fiscal. Fuelling its growth is an expansion plan with an investment of Rs 50 crore to set up three manufacturing plants in Tamil Nadu, Hyderabad and Uttaranchal for granulated biofertiliers. While Rs 30 crore is being mopped up through Bahrain-based bank for setting up the plants, the rest is from internal resources and debt for building model farms.

The company claims to be the first to sell granulated organic fertilizers. Having partnered with Cargill animal nutrition, the company is bullish on the growth of biofertilisers which is in great demand as it fetches 15% more than the conventional yield and can be used in all crops.

According to V Siva Prasad, CMD, the company is in the process of identifying few sick units in these states for the manufacturing plants. These plants, in addition to two plants in Hyderabad and one in Ahmedabad, are expected to be operational by next April having a capacity of 1.25 lakh metric tones each per annum.

Further, the company has signed up with National Innovation Fund (NIF), a government of India, under the Ministry of Science and Technology, for 13 patented molecules and market them in the country for a period of 30 years. Through NIF, Matrix is now part of the `Honey Bee Network' which has a global initiative and takes creative innovations to the grassroot levels. Spread across 77 countries, the network looks for traditional knowledge which help in conserving and utilizing natural resources in a sustainable manner.

Meanwhile, as part of its next phase of diversification, the company has signed an MoU with China-based Panzhihua Guanghua Group Company (PGGC) for production of bioethanol as well as plant-based human hormone precursors and steroids. The bioethanol is expected to derived from Diascorea, a plant tuber for which the seedlings and processing would be supplied by the Chinese company. The company is still on the lookout for 30,000 acres unutilized land.