Nestle India approves PLI scheme for processing sector

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Nestle India approves PLI scheme for processing sector

Nestle India has approved its proposal for a production linked incentive PLI scheme for food processing sector under the category of processed fruits and vegetables, as part of the government's production linked incentive PLI scheme.

In an exchange filing, Nestle India said it had submitted a proposal under the eligible categories of ready to cook and processed fruits and vegetables.

Nestl India Limited received a communication from the Government of India on 6th December 2021 that its proposal w.r.t. processed fruits vegetables has been approved, it said.

The scheme has a financial outlay of Rs 10,900 crore.

It wants to support food manufacturing entities with stipulated minimum sales and willing to make minimum stipulated investment for expansion of processing capacity and branding abroad to incentivize the emergence of strong Indian brands. The scheme will be implemented over a six-year period from 2021 -- 22 to 2026 -- 27.

Nestle India has always believed that the PLI scheme will help farmers and the food processing industries. The company said that it was a good step for an industry that has one of the better ratios of capital investment and employment generation.

The shares of Nestle India were trading 1.83 per cent higher at Rs 19,340. During the afternoon trade on Tuesday, there was 70 on the BSE.