Smart Group moves into grain trading

Smart Holding, owned by Ukrainian businessman Vadim Novinsky, has established grain trading company Sagro, according to daily Kommersant. Sagro said that it is currently in negotiations to lease 30 ths ha of land, which it plans to complete by the end of 2009; it is targeting holding a land bank of 200 ths ha by the end of 2013. Before the end of this year, the Sagro plans to construct a 6 ths mt grain storage facility and 100 ths mt portside grain elevator in Ukraine. Smart plans to invest USD 10-20 mln this year into the project.