Foods & Inns receives approval for PLI scheme to increase production

28 December 2021 | News

Has the opportunity to get incentives of more than Rs 1 billion over the next 6 years image credit- shutterstock image credit- shutterstock

Foods & Inns has received approval for production-linked incentives (PLI) as part of the government's efforts to boost local manufacturing as well as exports and to make manufacturing champions out of India.

This would enable Foods & Inns to continue to lead the way in the development of innovative food products utilising cutting-edge technology, with a focus on creating sustainable value chains.

Headquartered in Mumbai, with an international warehouse in the Netherlands and a global footprint, Foods & Inns Limited has ambitions of becoming the largest processor of Fruits & Vegetables based out of India taking advantage of this incentive scheme. 

Under this scheme, the company has to invest and grow its sales by a minimum of 10% CAGR (With a maximum cap for incentives at 15% CAGR of Sales) to receive the incentives on a yearly basis from FY'21-22 to FY'26-27 with the base year sale being FY'19-20.

Anand Krishnan, CFO, Foods & Inns commented that, "Our company has planned capex towards installing Tetra Recart facility, doubling our fully utilized Spray Drying facilities, building a new spice factory on our existing land in Nashik to cater to international markets, increasing Cold Storage facilities along with increasing our agro processing capabilities and creating wealth from the waste we produce. All these initiatives are expected to be operational latest by the end of March'23 out of which almost 1/3rd of the capex is already completed. We can get incentives between Rs 109.3crs to Rs 147.22crs over a period of 6 years if we grow our sales at a CAGR of 15% over the base year of FY'19-20.”

 

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