Companies

Foods & Inns receives approval under PLI scheme for food processing industries

Our Bureau | | Updated on: Dec 07, 2021
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The company has to invest and grow its sales by a minimum of 10 per cent CAGR to receive the incentives on a yearly basis from FY’21-22 to FY’26-27

Foods & Inns Limited has received approval from the Government of India under the Production Linked Incentive Scheme for Food Processing Industries. The company has to invest and grow its sales by a minimum of 10 per cent CAGR (Maximum cap for incentives at 15 per cent CAGR of sales) to receive the incentives on a yearly basis from FY’21-22 to FY’26-27 with the base year sale being FY’19-20, according to a stock exchange filing.

Also read: Food Processing Ministry gives nod to 60 applications under PLI Scheme

Bhupendra Dalal, Chairman, Foods & Inns Ltd said, “We are positive that we will contribute immensely towards building a strong ecosystem for strengthening the agro-processing space in India and in establishing our own brands abroad. We are extremely thrilled to get selected under the PLI scheme for Food Processing Industries.”

Foods & Inns has planned capex towards installing Tetra Recart facility, doubling its fully utilised spray drying facilities, building a new spice factory on the existing land in Nashik to cater to international markets, increasing cold storage facilities along with increasing its agro-processing capabilities. “The incentives combined with the initiatives being undertaken is expected to be a gamechanger for Foods & Inns and we intend to become a global agro product processing champion,” Dalal said.

Published on December 07, 2021

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