Vimta Labs and FSSAI to set, operate and transfer National Food Laboratory under PPP agreement

Vimta Labs Limtied has entered into a long term Public Private Partnership (PPP) Agreement with Food Safety and Standards Authority of India (FSSA1), Government of India, on June 29, 2021, to Setup, Operate and Transfer', the National Food Laboratory (NFL) at JNPT, Navi Mumbai. The NFL would primarily cater to test samples of food imports.

The Laboratory will have the competency and capability for testing quality and safety parameters in all food products as per Food Safety and Standards Regulations (FSSRs), and will be ISO 17025:2017 accredited by National Accreditation Board for Testing and Calibration Laboratories (NABL).

The Company will operate and maintain the facilities for 25 years, and the Agreement may be extended beyond this period by FSSAI, per mutually agreed terms and conditions. After expiry of the Agreement, Company shall transfer the laboratory to FSSAI in running condition with all project assets on as is where is basis.

The laboratory setup is expected to be completed by December 2021 and be operational in fourth quarter of the financial year 2021-22.

The laboratory site is taken on lease by FSSAI from JNPT.

The scope of the PPP agreement and volume of business is dependent on volume of food imports which vary according to seasons, domestic demand and the testing fees fixed by FSSAI from time to time.

Shares of VIMTA LABS LTD. was last trading in BSE at Rs.273.65 as compared to the previous close of Rs. 265.35. The total number of shares traded during the day was 30815 in over 1463 trades.

The stock hit an intraday high of Rs. 283.2 and intraday low of 268.95. The net turnover during the day was Rs. 8537505.

Source : Equity Bulls

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