Kolkata, June 30 (IANS) West Bengal Finance Minister Amit Mitra on Thursday said Mandala Capital of Singapore will invest $10 million (around Rs 70 crore) to acquire 51 per cent stake in food processing laboratory EFRAC.
Referring state's Chief Minister Mamata Banerjee's visit to Singapore in 2014, he said: "This is just the beginning. They have plans to invest another $10 million."
The company so far invested about Rs 1,200 crore over the years in Indian agri-businesses.
Dominic Redfern of the company said they decided to invest in the laboratory because of the highest standards of ethics practiced in the organisation which operates an integrated testing and research laboratory for food processing, pharmaceutical and environment sectors at Barasat in North 24 Parganas.
The laboratory has a team of 94 scientists, which will be increased to 130 next year, Mitra said.
Officials from the laboratory said they have plans to set up a USFDA certified pharma testing facility and expand its network of sales offices and collection centres with the funds.
