The government has selected a strategic investor to revamp the Komenda Sugar Development Factory in the Central Region.
The investor, Park Agrotech Ghana Limited, a Ghanaian-Indian company, will inject $28 million into the factory between 2020 and 2023.
The Ghana-based company is a subsidiary of the Skylark Group of Companies of India, one of the largest integrated farming businesses in India.
Park Agrotech, which emerged as the successful bidder after a rigorous selection process conducted by the accounting and advisory firm, PricewaterhouseCoopers (PwC), is expected to invest $11 million of the amount into sugarcane cultivation, $6 million to upgrade plant and machinery and $11million as working capital to bring the ailing factory back on its feet.
A total of 15 companies expressed interest in the factory, out of which five submitted bids to become the strategic partner.
The STM Project Limited, a company renowned for sugarcane development and sugar plant modernisation, expansion and rehabilitation for more than 200 sugar factories in India and other parts of the world, will serve as the technical partner, with technical support from the University of Cape Coast.
The acting Chief Director of the Ministry of Trade and Industry (MoTI), Mr Patrick Nimo, led a delegation from the ministry to Komenda, near Cape Coast, yesterday, during which the long-awaited strategic investor was introduced to the Omanhene of the Komenda Traditional Area, Nana Kojo Kru.