Heritage Group, a leading nut and dried fruit producer and exporter, will this year invest about 500 million baht to set up a plantation and production base for cashew nuts in Mozambique.
Vice-president Vittavat Phonphaisan said his group was registering a new company to look after the new plantation and factory, two years behind its earlier projection.
The group will source cashew nuts from local growers and then plant cashew trees on its own, helping it to have stable costs and reduce business risks.
Cashew nuts, with shells removed at the factory in Mozambique, will be sent to Thailand to be processed as finished products.
Heritage has cashew nut production plants in Thailand and Laos.
It has also expanded its beverage business by launching almond milk on the Thai market.
"We hope our almond milk will become more popular among Thai consumers like in other countries," Mr Vittavat said.
Almond milk is second only to cow's milk among American consumers.
Heritage's almond milk is now imported and the price is 30-40% more expensive than cow's milk brands.
Heritage will produce almond milk at a new 20-rai factory in Samut Prakan province later this year. It hopes that its almond milk price will be slashed by 15%. The factory will fully run in the first quarter of next year.
The group will expand its business to the European market by year-end.
"Consumer purchasing power in Europe has started to rebound after the five-year economic slowdown," Mr Vittavat said.
Heritage aims to increase its sales by 20-30% in the next two years. Sales were 6 billion baht last year and are expected to grow by 10% this year.
About 65% of sales are for the export market. About 60-70% of sales will come from cashew nut business. It hopes its beverage business will contribute 10% of sales in the next five years.