Matco Foods to set up corn starch plant
Plant will be constructed at Allama Iqbal Industrial Estate at cost of Rs1.38b
Matco Foods announced on Thursday that it would set up a corn starch manufacturing plant at an estimated cost of Rs1.38 billion at a Special Economic Zone (SEZ) in Punjab while availing a five-year tax holiday.
The starch is not only used in making a number of food dishes but is also utilised in industrial manufacturing processes to produce pharmaceutical, textile goods, paper and board and adhesives.
“The board of directors in its meeting held on Thursday, December 24, 2020, approved the plan of corn starch business at the Allama Iqbal Industrial Estate SEZ, Faisalabad,” Company Secretary Danish Ahmed said in a notification sent to the Pakistan Stock Exchange (PSX).