The company would also provide job opportunities for other personnel that would work in the company.
The spokesperson of the company, Alhaji Ahmadu Zago, disclosed this in an interview with the News Agency of Nigeria (NAN) in Ringim.
According to Zago, by the time the company comes on stream in 2017, it will attract both formal and informal employment for citizens of the state in particular and Nigerians in general.
He said the company would also provide job opportunities for other personnel that would work in the company.
He said the company had concluded all necessary arrangement to begin operation soon.
The spokesman said the company had begun paying one billion naira as compensation to about 10,000 owners of the farm lands where the farms and company would be sited.
Zago also told NAN that the company had acquired 12,000 hectares of agricultural land for the cultivation of sugarcane.
He said the moment the clearing of the farm land was completed, planting of sugarcane would begin in the approaching rainy season.