British company to invest $130 million in Zimbabwe's meat processing plant
British beef producer Boustead Beef signed a 25-year concession with Zimbabwe's government to buy and revitalize Cold Storage Company (CSC), the largest meat processing plant in the country.
The plan is to increase capacity utilization at CSC ranches and abattoir plants; increased prospects for the restoration of the enterprise’s viability and higher output; stemming of further deterioration of equipment which is currently lying idle, and the growth of the local livestock and beef industry with a total investment of $130 million.
The UK firm will also pay for the rent, clear off CSC’s long-standing financial debts and for 25 years, the firm will take over and manage CSC’s ranches, abattoirs, distribution centers, and residential properties.
"Government is supporting them to make sure that they can really resuscitate CSC to its former glory,", declared Mthuli Ncube, Finance and Economic Development Minister, according to Ventures Africa.
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