Himalya International to expand mushroom growing capacity to 4500 MT

Himalya International Ltd has announced that the Board of Directors of the Company at its meeting held on May 16, 2007, inter alia, has discussed the following:

1. The Board discussed and appraised the expansion plans of the Company. The Board decided that keeping in view the growing demand of the Company in the overseas market the mushroom growing capacity of the Company needs to be enhanced. The Board decided that necessary steps may be taken to enhance the capacity of the Company from 3000 MT to 4500 MT.

2. The Board also discussed and decided that the freezing capacity of potato and vegetables needs to be enhanced. For this purpose an additional freezer having a capacity of 10000 MT shall be installed.

3. In order to fund the growing operations of the Company and to finance the expansion plans the promoters shall bring in more funds. Hence it was decided that necessary funds may he augmented by making preferential allotment to the promoters as per the applicable laws of SEBI / Company Law etc.

4. The Board discussed and decided that Global Reliance shall be appointed as a sole selling agent of the Company for marketing of specialty Cheese to the food service and retails segments under its own brand name.

5. The Board discussed and decided that Mr. Reffail Cioffi the Italian expert cheese maker be appointed as the General Manager of the Cheese Plant. The Board also proposed that the compensation committee to allot him 100000 no of equity shares under the ESOP scheme of the Company.

Source : Equity Bulls

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