HARARE, -- An Indian company Parrogate Investments has invested 4 million U.S. dollars in an oil refinery and cotton ginnery in the suburbs of Zimbabwe's capital city of Harare.

    The oil processing plant, which has created 400 jobs, is expected to begin production by the end of this month, according to reports by The Herald on Thursday.

    The company is 100 percent owned by India-based Mid-Indian Industries with more than 100 years experience in textiles and edible oil production.

    It operates seven textile mills in India and two ginneries in Zambia.

    The company's managing director Pradyomn Ganediwal said the oil plant is expected to operate at between 50 and 60 percent capacity this year.

    "The refinery is expected to produce 500, 000 liters of oil by this year end and has a capacity to produce 1 million liters a year," he said.

    All the requisite equipment for the completion of the oil plant has been already in place. The company is also involved in cotton ginning. Ganediwal said the cotton ginning plant, which has created 400 jobs, was constructed in February this year and started operations in May. "With the help of the Zimbabwean government and the local community, the ginnery is well ahead of its schedule in its operations.

    "The cotton ginnery plant is already functional with an operating capacity of 60 tons of lint a day and at full capacity can produce up to 100 tons. The company is expecting to export 5, 500 tons of lint per year, targeting South Asian countries and South Africa as major export markets and the rest is for the local market. We are expecting to get a minimum of US$5 million from lint exports," he said.

    Ganediwal said the major aim to invest in small centers is to create employment for the rural and marginalized people.

    "We want to ensure that all areas with the potential of engaging into cotton production benefit in one way or the other," he said.

By Staff reporter and agencies