India’s Prathista Industries Ltd. is eyeing to invest an initial $12 million to put up a fertilizer manufacturing plant in the Philippines that will serve demand both here and in the member-countries of the Association of Southeast Asian Nations.
This planned facility, which may be put up in partnership with the government, is expected to create 100 jobs.
Subsequent investments are pegged at $34 million and will generate another 250 jobs.
“We want to enter into the Philippines in a big way. We have already invested half a million dollars in the Philippines. But we have a plan to create a manufacturing facility with an investment of around $12 million,” PIL president KVSS Sairam said in a statement.
The planned manufacturing facility, which will use an eco-friendly technology proven to aid in raising farm yield and incomes, will serve a $3-billion domestic market.
PIL has been in the Philippines for five years and has a partnership with the University of the Philippines Los Baños (UPLB) to test new bio-organic fertilizers.
The company’s nutritional products also include biotechnology products for animal feeds, pharmaceuticals and nutritional supplements for aqua and fish and the entire livestock segment.
PIL has reportedly registered Prathista Industries International Corp. in the Philippines with local potential partners and has established a representative office in San Juan.
It intends to market the products to Vietnam, Malaysia, Indonesia, Cambodia and Thailand with the Philippines as a manufacturing hub for these products.
“The Philippines may be the center for these other countries. We want to bring a revolution with eco-friendly nutrition products that don’t have any negative impact on the environment and also enhance soil health while protecting ground water. It will also meet not only the nutrition requirement for crops but also the nutrition for livestock and aqua culture,” Sairam explained.
“Our target is to help Philippines become self-sustaining and the key leader for Southeast Asia in [third generation] nutrition technology for agriculture. We want small farmers to study the products in field trials and help them improve their productivity and their standard of living,” Sairam added.