More than 505 acres in the Indian state of Vadodara have been sowed with organic cotton seeds, which will provide seven retail stores with products, according to published reports.
The planting has been ongoing for the past six months, according to a statement issued from ACIL Cotton Industries issued to the Bombay Stock Exchange. Cotton is the chief crop of the new farmland, though other products will also be harvested.
The company is in the process of acquiring 450 additional acres in Ahmedabad and Bhavnagar while also working with Israel to enhance its sourcing technology. It plans on assembling a center for research and development purposes near Anand.
The company's business model indicates ACIL will purchase all cotton harvested on the 500-plus acres then sell the product through the chain of retail stores it is devising. The retail chain will capitalize on the trading, export and import sectors.
March-delivery cotton climbed the maximum allowable on Ice Futures U.S. in New York. That maximum, 0.05 represents a 3.2 percent increase to $1.5912 per pound.
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