An Indian investor has taken over the management of the Komenda Sugar factory, Angelfmonlinegh.com can report.
The Government of Ghana selected the Indian firm, Park Agrotech, from a list of 15 investors that expressed interest in managing the company which was built during the Mahama administration.
Park Agrotech Ghana Limited plans to invest US$28 million in the Komenda Sugar Factory from 2020 to 2023 to make the company viable.
This package was announced by a team from the Trade Ministry which paid a courtesy call on the Omanhen of Komenda Traditional Area.
The team was in Komenda to introduce Park Agrotech to Nana Kodwo Kru II as the strategic investor selected to upgrade and operate the factory which has not functioned since the completion of its test run in 2016.
The team included the country Senior Partner for PriceWaterhouseCoopers, Mr Vish Ashiagbor, who served as the Financial Adviser to the Trade Ministry during the bidding process.
He said that due diligence was done before Park Agrotech was selected as the strategic investor indicating further that a team from Ghana visited India for more information on the company before arriving at the decision to hand over the factory to them.
Mr Lalit Mishra Kumar, Managing Director of Park Agrotech Ghana Limited promised to ensure that the Komenda Sugar Factory becomes operational.
He said that the company was waiting for the final agreement to be signed.
Source: Ghana | Angelfmonlinegh.com