World Food India event 2017: ITC Pepsico, Patanjali, Coca-Cola commit Rs 68,000 crore investment in food, agri sector

by Business | 05-11-2017 | 703 views

ITC, PEPSICO, Patanjali and Coca Cola are among the many domestic and multinational firms that have committed to investing Rs.68,000crore in india’s food and agriculture Sector, the Centre Said on Friday. As many as 13 agreements were  signed to this effect on the first day of the three-day World Food India 2017 event, and more investment is set to come Over the next few days, according to a statement from union minister for food processing Harsimrat Kaur Badal.

PepsiCO reiterated that,along with its partners, it will invest Rs 13,300 crore crore over five years to set up a food and beverage plant. Rival Coca Cola will put in Rs,11,000 crore for juice bottling infrastructure, fruit processing plants and equiments.Conglomerate ITC and FMCG  major patanjali signed deals with the food processing ministry to invest Rs10,000 crore each. ITC is looking to setup 20 integrated food processing and logistics facilities.

Kerala news, English news, kerala latest news, English latest news

Private sector lender Yes Bank signed an agreement to fund Rs 1,000 crore for 100 food processing projects. The government also named Amazon and UAE’s Sharf Group as major investors. These investments will help help us realise the goal of doubling farmers ‘ income as well as generating massive employment in the  food processing sector.” Said   Badal.

The event , inaugurated by prime Minister Narendra Modi, is expecting to help forge partnerhips with global firms in order to increase farmers  incomes and reduce post-harvest losses. Currently, only 10 percent of india’s   food is being processed. Leaders from top global firms hailed india’s 30 – position rise in the World Bank’s   Ease of Doing Buisness as an encouraging sign for investments in the country, including in the food processing sector.

Nestle chairman of board of director, Paul Bulcke, said top priority should be given to investment in building agriculture capacity amid challenges of scarce natural resources, rising population and growing food demand,”india’s consumption market is projected to triple to $4 trllion by 2025 with the bulk of expenditure going into food products,” said ITC CEO sanjiv puri.

Kerala news, English news, kerala latest news, English latest news

Unilever global president Amanda Sourry said the world   is looking towards India. “Rich agri-resources in india create an optimal opportunity   to scale up the processing   industry here. “ Hindustan Unilever CEO   Sanjiv Mehta Said, “ India is one of the most attractive  markets and as the economy grows, there will be more people coming and moving up. “ Metro AG COO Pieter Boone said recent policy decisions to improve ease of doing business coupled with demonetization  and GST are driving the positive overhaul in the economic environment.

Tata International MD   Noel Tata said that there is a need   for significant new investment to increase the scale food processing, dominated by MSMES at present. The global CEOs also met the Prime Minister and finance minister Arun jaitley in two separate roundtables to discusss investment opportunities, regulatory frame work for ease of doing business and other issues.

Lets socialize : Share via Whatsapp