COFCO launches rice processing base in Jilin

COFCO Group, which is a leading foodstuff company in China and is controlled by the central government, on Mar. 16 inked an agreement to build a base for rice processing in Jilin Economic and Technological Development Zone in Jilin Province, sources reported. The state-owned food giant intends to invest RMB 600 million in the project, which will have an area of 20 hectares and will be able to process 300,000 tons of rice per year. The sales revenue of project is expected to exceed RMB 700 million. China Agri-Industries Holdings Ltd<0606>, a subsidiary of COFCO Group, plans to invest in non-grain ethanol plants in Guangdong Province and Hainan Province, said Ning Gaoning, board chairman of the parent. However, the plan is subject to approval from the National Development and Reform Commission.