Companies

Procter & Gamble sets up ₹400-crore India Growth Fund

Our Bureau Mumbai | Updated on October 29, 2020 Published on October 29, 2020

To be used to collaborate with local suppliers to build capacities

Procter & Gamble (P&G) on Thursday announced a ₹400-crore India Growth Fund to collaborate with existing and new suppliers to build capacities that will further localise manufacturing of finished products, procurement of raw materials and packaging materials, and adopt go-to-market innovations and technology.

The new fund is part of P&G India’s ‘vGROW’ programme that focusses on identifying and collaborating with start-ups, small businesses, individuals or large organisations offering innovative solutions, said a company statement. More than 95 per cent of the products the company sells in India are manufactured locally. It also exports finished products manufactured in India to more than 120 countries, it added.

Also read: Is the Production Linked Incentive Scheme a step towards ‘Atmanirbhar Bharat’?

Madhusudan Gopalan, CEO, P&G Indian Subcontinent, said: “P&G has been making in India for decades and we are committed to the vision of self-reliant India. In line with our commitment, we are setting-up P&G’s India Growth Fund. We are confident that through these partnerships we will be able to create an ecosystem and supplier network that will further enable us to make in India, for India and the world.”

Other funds

P&G had launched vGROW three years ago with a vision to create an active partnership platform for suppliers across India. In the first two years the company also set up the ‘Innovation Fund’ and ‘Sustainability Fund’ through which it has invested more than ₹250 crore.

To come up with innovative solutions via external business partnerships, P&G has its online platform ‘P&G Hackathon’ which connects external business partners with innovative solutions to the company’s needs.

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Published on October 29, 2020
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