BSE-Listed Parag Milk Foods Limited, a manufacturer and marketer of dairy-based branded products in India, has received approval under the Government’s PLI Scheme to make mozzarella cheese.
The PLI scheme for the food processing industry, to be implemented during 2021-22 to 2026-27 with an outlay of ₹10,900 crore, was approved by the Cabinet on March 31, 2021. The scheme is essentially meant for Indian companies and subsidiaries of MNCs operating in India with minimum sales of food products manufactured in India.
“We are pleased to announce the application of Parag Milk Foods Ltd, through the PLI application dated June 15, 2021, has been approved by the Competent Authority for sales-based incentive for mozzarella cheese product for the period 2021- 27 subject to the condition of fulfilment of all the required criteria,” the company said in a stock exchange filing.
Parag Milk Foods to raise ₹316 crore
Under the scheme, the maximum permissible amount is ₹71 crore to be spread over the next six years’ time frame. It would entail a minimum investment ₹29 crore to be spread over the three years from FY21-23, and capacity to be increased by 10 MTPD, with a minimum CAGR of sales 15 per cent.