Donegal Investment Group invests in Indian seed potato start-up
IPM Potato Group, a subsidiary of Donegal Investment Group, has invested in a seed potato start-up based out of Bangalore, India.
Utkal Tubers, which was set-up in 2016, operates in seven states across India.
Through its partnership with IPM, Utkal will have access to a portfolio of 12 new IPM potato varieties for both the fresh and processing markets.
The varieties have been specially selected after evaluation across a wide range of soil types and climatic conditions.
India is one of the largest and fastest developing potato markets in the world, ranked second in terms of overall production behind China, a statement from Donegal Investment Group said .
Consumption of potatoes has increased rapidly in India in the last 20 years and production has escalated from 20 million tonnes in 2000 to approximately 45 million tonnes per annum last year.
Last year Dublin-listed Donegal Investment reported profits of €4.7m in the 12 months to 31 August 2018.
Adjusted operating profit decreased by €700,000 for the year to €4m, with the group impacted by adverse weather across Europe.