TECHNOLOGY entrepreneur, Glen Ramdhani, has invested $60 million in an ultra-modern agro-processing facility at the Point Lisas Business Park.
In an interview on Monday, he said that 50 per cent of the project cost was debt with the balance being equity.
Ramdhani, who is 38 years old, is the founder and executive chairman of the Novo Group, which until recently was known as a technology company with media and communications divisions.
Four years ago, Ramdhani established Novo Farms, setting up an agri-tech start-up organic farm, that was successful in growing foreign crops using a trademark technology platform to replicate the temperate climatic conditions right here in Trinidad and Tobago.
On Monday, Ramdhani told Express Business that that initial attempt at growing food crops was research and development for the brand new agro-processing and packaging facility.
He noted that the facility is being commissioned at the right time as the Covid-19 pandemic has disrupted the supply of food worldwide sending prices soaring. That coupled with the lack of availability of foreign exchange locally has meant local food producers, distributors, retailers and consumers have been left feeling the sting of the pandemic.