Indian-based horticulture company, Fontana Flowers PLC is to begin a horticulture farm operation in Ethiopia with USD 11 million investment cost, Addis Fortune reported.
Fontana has leased 100 hectares of land in Bahir Dar, Amhara Regional State of Ethiopia. The company, which started clearing the land to grow roses, is to begin operations on 65 hectares of land. Its annual revenue is expected to be USD 95.9 million.
The destination for Fontana’s roses will be the Netherlands’ traditional auction market. In addition, the roses will be exported to direct markets of Middle East and the Netherlands, according to Daniel Tereffe, Horticulture Investment Project Supervision and Support Officer at Bahir Dar Branch of the Ethiopian Horticulture Development Agency (EHDA).