ACIL Cotton Industries Ltd said it received an additional 173 acre agriculture land to set up a unique business model of organic contract farming at Surendranagar in Gujarat. No financial details were provided.
The company holds a total of 322 acre of land for cultivation of various crops. It has already started farming in 149 acres of land in same district, ACIL Cotton said in a regulatory filing.
This is the first step by company to cultivate organic harvests as a model called the integrated organic cultivation (IOC), which will guarantee farmers a market-supportive mechanism for selling their produce.
On Monday, ACIL Cotton Industries shares declined 2.1% to Rs35 on Bombay Stock Exchange, while the benchmark Sensex ended 0.2% up at 18,032 points.
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