Vadodara-based Acil Cotton Industries today said the Bombay Stock Exchange(BSE) in filing that it plans to acquire 2,500 acres of farm land for organic contract farming in India.
The company said that it has bought 99 acres of agricultural land for organic contract farming, a type of farming where an agreement is signed between a buyer and farmers establishing conditions for the production and marketing of farm produce.
Presently, Acil is undertaking contract farming of BT cotton, tur, jeera and herbs in 700 acres in Gujarat. Recently, it acquired 102 acres of agricultural land on lease in Ahmedabad according to filing.
Acil Cotton, the company buys crops and later sell via its planned retail chain.