KYIV. Nov 15 (Interfax-Ukraine) – HarvEast agroholding plans to double investment in 2018.
“In 2017, we invested near $4 million. Next year it will be twice more. We will invest in a seed plant, irrigation and upgrade of fleet,” HarvEast CEO Dmytro Skorniakov said at the Ukrainian Agribusiness Forum in Kyiv on Tuesday.
He said that investment in the launch of the seed plant in Donetsk region would reach $4 million. The plant could be launched in August or September 2018.
In addition, the agroholding plans to expand irrigated areas to 5,000 ha in three or four years.
As reported, in 2017, the agroholding installed irrigation systems on 400 ha and in 2018 plans to install them on 700 more ha.
HarvEast Holding is building a seed plant with a capacity of 10 tonnes per hour. The plant will post-processing of seeds of leguminous and grain crops. Earlier the company had a seed plant, but it lost control over the enterprise due to hostilities in eastern Ukraine.
In 2017, HarvEast signed a cooperation agreement with Maisadour, the seed company.
Maisadour would provide parent sunflower lines for planting seeds to HarvEast. Then Maisadour will assign the number to the batch and process the seeds at own plant in Dnipropetrovsk region and then the seeds will be returned to HarvEast.
HarvEast’s core business is crop farming (growing wheat, sunflower, barley, perennial grasses, and corn) and dairy farming.
The holding was founded in 2011 on the basis of agricultural assets of Mariupol Illich Steel Works (Donetsk region).
Shareholders in HarvEast Holding are SCM and Smart-holding Group.