Europe, UK, Ireland

Irish potato grower sees shares lift on investment in Indian firm

Shares in the Irish agri-food group, Donegal Investment Group (DIG),  traded over 4% higher yesterday on the back of news that it has invested in an Indian seed potato group.

DIG has reportedly invested in Utkal Tubers, the Bangalore-based potato grower, through a subsidiary, IPM Potato Group.

Through the partnership with IPM, Utkal will have access to 12 new types of potato varieties, specially selected after an evaluation process of the soil and climate conditions it operates in.

Analysts have called the investment as a positive step for Donegal as it further diversifies its geographical operations.

India is already one of the biggest potato markets in the world, second only to China in terms of overall production.

DIG reported profits of €4.7 million in the 12 months to 31 August 2018, but saw its operating profit slump to €4 million thanks to impacts from adverse weather across Europe last year.

Source: Checkout. Article by Aidan O’Sullivan.