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Nestle India receives approval for its proposal under PLI scheme for food processing sector

Nestle India receives approval for its proposal under PLI scheme for food processing sector

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

Nestle India said it has received communication from the Government of India that its proposal for processed fruits and vegetables has been approved. Nestle India said it has received communication from the Government of India that its proposal for processed fruits and vegetables has been approved.

Nestle India on Tuesday said its proposal under the government's production linked incentive (PLI) scheme for food processing sector under the category of processed fruits and vegetables has received approval.
 
In an exchange filing, Nestle India said it had submitted proposal under the eligible categories of ready to eat/ ready to cook and processed fruits and vegetables.
 
"On 6th December 2021, Nestlé India Limited received communication from the Government of India that its proposal w.r.t. processed fruits & vegetables has been approved," it said.

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Earlier this year, the Centre had approved PLI scheme for food processing industry to support creation of global food manufacturing champions commensurate with India's natural resource endowment and support Indian brands of food products in the international markets. The scheme has a financial outlay of Rs 10,900 crore.
 
It aims 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 incentivise emergence of strong Indian brands. The scheme will be implemented over a six-year period from 2021-22 to 2026-27.
 
Nestle India said it has always believed that the PLI scheme for the food processing sector will help farmers and the food processing industries. "It is overall a good step for an industry that has one of the better ratio of capital investment and employment generation," the company said.
 
Shares of Nestle India were trading 1.83 per cent higher at Rs 19,340.70 on the BSE during the afternoon trade on Tuesday.

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