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MUMBAI: State Bank of India, Mumbai Circle, will be entering into a tie-up with Growell Agro Forestry Corporation to launch contract farming.

Under this scheme, SBI will provide finance to cover 5,000 acres of wasteland and degradable land in Raigad, Thane and Ratnagiri, said a press release.

All the rural and semi-urban branches from these areas are participating in this project. SBI has set a target of financing 2,000 acres for the current year in these districts with a financial outlay of Rs 1.5 crore to more than 750 farmers.

Similar tie-up arrangements are also being worked out at Nagpur for contract farming in Vidharbha region.

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SBI(Mumbai circle) ties up with Growell Agro

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