India's Mahindra Group has revealed that it is keen to grow its agribusiness operations over the next five years, to increase both the value and overall volumes of fresh produce.
According to a group official, the US$6.7bn (€4.81bn) organisation is expecting to boost revenues from its agricultural operations eight-fold through the five-year period by expanding among both domestic and international retailers.
Fresh produce sales are expected to generate around Rs250 crore towards Mahindra's overall revenue target for 2009.
The Mumbai-based company currently procures and supplies a range of fruit such as grapes, apples and pomegranates to leading European retail chains including Carrefour, Sainsbury's, Albert Heijn and Morrisons.
The official told the Business Standard: "We are at the end of the gestation period for this business and building critical mass. Once we achieve that, we can take bigger swaps and announce major investments.
"We have completed pilots and business plans are in place," he added. "We should be able to start operations soon."
Mahindra's recent activities in the sector have included a joint venture with South African group Capespan to supply fresh produce to both domestic and international retailers, as well as a similar agreement with Netherlands-based potato seed supplier HZPC.