Himalya to invest $2.5 m on canned soup facility

Food processing company Himalya International on Monday said it will invest up to $2.5 million (around Rs 12 crore) to set up a facility for manufacturing canned soup at Vadnagar (Gujarat).

The company has tied with US-based Wayne Farms for technical collaboration for the plant which will be operational in October this year and have an installed capacity of 15 crore cans annually.

"The plant will be set up with an initial investment of $2.5 million and around hundred trained employees would be deployed to run the plant. Wayne Farms will provide technical and other know-how and training to the employees," Mr Manmohan Mallik, Chairm an, Himalya International said in a statement.

He said the plant would process 15 crore cans every year at full capacity and would produce mushroom, tomato and lentil soups under the brand names 'Himalya Fresh' and 'Uno Italiano'

He, however, did not disclose the source of investment for the facility. It will market canned soups in both the domestic and international markets.

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SEBI cuts listing time to 12 days after IPO

Market regulator SEBI has made it mandatory for companies to list shares within 12 days after the closure of a public issue. On Tuesday, the regulator said that this would be applicable to public issues opening on or after May 1^St.

With this, the number of days between the closing of a public issue and its listing has been reduced by 10 days, from the existing 22 days. The ASBA (Application Supported by Blocked Amount) process would also undergo suitable modification to make it consistent with the new timelines, SEBI added.

In a statement on Tuesday, SEBI said the new rule meant to make the “existing public issue process more efficient.” The SEBI Chairman, Mr C.B. Bhave, had said last year that the market regulator was looking at reducing the listing time to seven days.

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