Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Companies / News/  60 cos get approval under PLI scheme for food processing
BackBack

60 cos get approval under PLI scheme for food processing

Under the fruits and vegetables category, over 30 applications have been approved, while 11 got nod in marine category

Britannia and Amul are among those who got the nod. Mint Premium
Britannia and Amul are among those who got the nod. Mint 

NEW DELHI : Several large packaged food companies have been accorded approval under the government’s Production Linked Incentive (PLI) scheme for the food processing industry. In all, 60 companies which applied for investment in categories such as ready-to-eat products, fruits and vegetables, marine and mozzarella cheese have been granted approval.

The companies include Britannia Industries Ltd, Haldiram Snacks Pvt. Ltd, Gujarat Co-Operative Milk Marketing Federation Ltd (Amul), and ITC Ltd, according to a notice uploaded on the website of the ministry of food processing industries on Monday.

The government announced the PLI scheme for the food processing sector on 31 March, with an outlay of 10,900 crore. The incentive is linked to local production and sale of products. The scheme was launched to support the creation of global food manufacturing champions commensurate with India’s natural resource endowment and to support Indian brands of food products in international markets.

The scheme covers four segments—ready-to-cook or ready-to-eat foods, processed fruits and vegetables, marine products and mozzarella cheese.

Approvals have been granted under category 1 of the scheme meant for large entities. Applicants under this category could also undertake branding and marketing activities in overseas markets. The selected applicant will be required to invest in plant and machinery in the first two years, i.e. in 2021-22 and 2022-23.

The category of ready-to-eat foods companies include Britannia Industries Ltd, Haldiram Snacks Pvt. Ltd, Gujarat Co-Operative Milk Marketing Federation Ltd, Parle Biscuits Pvt. Ltd, Bikaji Foods International Ltd, Bikanervala Foods Pvt. Ltd, Balaji Wafers Pvt. Ltd, Anmol Industries Ltd, and Hindustan Unilever Ltd.

Under the category of fruits and vegetables, over 30 applications have been approved, including Tata Consumer Products Ltd, Capital Foods Pvt. Ltd, Nestle India Ltd, DS Spice Pvt. Ltd, Dabur India, Parle Agro, MTR Foods Pvt. Ltd, Mccain Foods India, and Tasty Bite Eatables.

The four approvals granted for making mozzarella cheese are to Parag Milk Foods Ltd, Gujarat Co-Operative Milk Marketing Federation Ltd, Sunfresh Agro Industries Pvt. Ltd and Indapur Dairy and Milk Products Ltd.

Another 11 applicants have been approved under the marine category, including ITC Ltd.

The scheme will be implemented over a six-year period from 2021-22 to 2026-27.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Dec 2021, 01:45 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App