Himalya plans to produce 9,000 tonnes of mushrooms, 5,940 tonnes of mozzarella cheese and 9,000 tonnes of yoghurt annually, he said.

The company has tied up with a New Jersey-based importer and distributor, Global Reliance Inc, for marketing its products in the US.

'The Gujarat project will be funded through internal accruals, warrants and bank borrowings worth Rs.90 crore. The project will be 100 percent tax free for five years after start of commercial production,' Malik added.

The company is aiming an annual turnover of Rs.400 crore with net profit exceeding Rs.80 crore.