P&G India announces ₹400 crore India Growth Fund1 min read . Updated: 29 Oct 2020, 01:20 PM IST
- Through the fund, the company will promote localised manufacturing and sourcing of goods. This is in line with the government’s vision of a self-reliant India and P&G’s commitment to drive inclusive growth in the country
NEW DELHI: Packaged consumer goods firm Procter & Gamble India on Thursday announced setting up of a ₹400 crore India Growth Fund to collaborate with local suppliers of raw materials, finished goods and packaging materials, services and go-to-market innovations.
This fund is part of P&G India’s ‘vGROW’ programme that focuses on identifying and collaborating with startups, small businesses, individuals or large organisations and offer solutions for the fast-moving consumer goods industry.
Through the fund, the company will promote localised manufacturing and sourcing of goods in the country. This is in line with government’s vision of a self-reliant India and P&G’s commitment to drive inclusive growth in India through external partnerships, it said in a press statement.
“P&G has been making in India for decades and we are committed to the vision of self-reliant India. More than 95% of the products we sell in India are manufactured locally. We also export finished products manufactured in India to more than 120 countries. In line with our commitment, we are setting-up P&G’s ‘India Growth Fund’ to collaborate with partners on building capacities that will further localize manufacturing of finished products, procurement of raw materials and packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India.," Madhusudan Gopalan, CEO, P&G Indian Subcontinent said in the statement.
The company had last year announced setting up of ₹200 crore environmental sustainability fund offering sustainable solutions, such as plastic-free packaging and environment-friendly logistics services, in partnership with Indian businesses.
Its vGROW fund was launched three years ago to partner with local suppliers here. In the first two years, the company also set-up the ‘Innovation Fund’ and ‘Sustainability Fund’ through which it has invested over ₹250 crore in forging partnerships on new-age, innovative and sustainable solutions for the business.