Olam to Invest $202 Million in Ivory Coast Cashew, Cocoa, Cotton

Feb. 23 (Bloomberg) -- Olam International Ltd. plans to spend 100 billion CFA francs ($201 million) on Ivory Coast investments including two cashew factories and a cocoa- processing plant.

The agricultural commodity trader based in Singapore opened a cashew factory with 30,000 metric ton capacity in the central town of Bouake today, the first of three planned in the county for coming years, Chief Executive Officer Sunny Verghese said.

Olam also plans to invest 30 billion CFA francs in a cocoa- processing plant in the western town of San Pedro and double cotton growing in the north to 50,000 hectares (123,500 acres).

Ivory Coast’s cashew output grew to 350,000 tons in 2010, according to the latest data from growers’ group Intercajou.

Source: http://www.businessweek.com/news/2012-02-23/olam-to-invest-202-million-in-ivory-coast-cashew-cocoa-cotton.html