With the Component 1 – PLI approval Foods and Inns Ltd has the opportunity to get incentives of more than 1 billion Rupees over the next 6 years as per the PLI scheme guidelines and become an agro processing champion based out of India
MUMBAI India Dec 27 2021 PRNewswire — Foods Inns Limited one of the largest Mango processors in India has received approval for production-linked incentives PLI as part of the governments efforts to boost local manufacturing as well as exports and to make manufacturing champions out of India This would enable Foods Inns Indias second largest processor and exporter of processed fruits and vegetables products 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 FY21-22 to FY26-27 with the base year sale being FY19-20 Speaking on the development Mr Bhupendra Dalal Chairman Foods Inns Ltd said We are delighted to have been chosen for the PLI scheme for Food Processing Industries We are also thankful to the Government of India and the Ministry of Food Processing Industries for providing such supportive platforms for the domestic food processing industry We are confident that we will make a significant contribution to the development of a strong ecosystem for the agro-processing sector in India as well as the establishment of our own brands in other countries The CFO of the company Mr Anand Krishnan commented that Foods Inns has established itself as one of Indias leading and reliable fruit and vegetable processors and the governments incentive scheme will help speed up the companys marketing and sales efforts in the B2B and B2C segments Our company has the vision of becoming the largest Fruits and Vegetable processor in India and this incentive scheme will help us build up capabilities for the same 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 March23 out of which almost 13rd of the capex is already completed We can get incentives between Rs1093crs to Rs14722crs over a period of 6 years if we grow our sales at a CAGR of 15 over the base year of FY19-20 We as a company have a clear roadmap on achieving the PLI based targets and the current year performance provides ample proof of our intent and abilities We expect the incentives to be a major game changer to the fortunes of the company which will help us become a global agro product processing champion About the scheme The Government of India announced a total outlay of Rs 10900 crores for the Food Processing Industry under the Production-Linked Incentive PLI plan which is overseen by the Ministry of Food Processing Industries The initiative is based on the governments goal of an Atmanirbhar Bharat which aims to improve the countrys industrial capacity and exports The government wants to build global manufacturing champions in India develop Indian brands abroad promote non-farm jobs ensure fair farm produce prices and boost farmers income About Foods Inns FIL is a manufacturer and exporter of a range of processed tropical fruits pulps purees and vegetables with state-of-the-art factories in Chittoor Valsad Sinnar and Gonde Nashik The company operates in the food processing industry and its principal divisions are Aseptic Canning Spray drying Frozen fruits IQF Individually Quick Frozen vegetables and snacks Product range includes tropical fruit purees concentrates of Mango Guava Papaya apart from Tomato Paste Natural Fruit Vegetable Powders The company owns brandstrademarks such as Madhu – Fruit Pulp Green Top – IQF Vegetables Kusum Masala Spices Triveni Global – Frozen food Zatpat Zaldee – QSR The company as an initiative towards Sustainability and Value addition has entered into a Joint Venture on the 13th of April 2021 with a food technology company to convert its fruit waste into Pectin Oils Butter The idea behind the venture is to upscale waste from mango processing to address its disposal and convert into pectin which has a huge potential in India given that 95 of Indias pectin requirement is imported The joint venture company is named Beyond Mango Pvt Ltd PWR PWR
MUMBAI India Dec 27 2021 PRNewswire — Foods Inns Limited one of the largest Mango processors in India has received approval for production-linked incentives PLI as part of the governments efforts to boost local manufacturing as well as exports and to make manufacturing champions out of India This would enable Foods Inns Indias second largest processor and exporter of processed fruits and vegetables products 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 FY21-22 to FY26-27 with the base year sale being FY19-20 Speaking on the development Mr Bhupendra Dalal Chairman Foods Inns Ltd said We are delighted to have been chosen for the PLI scheme for Food Processing Industries We are also thankful to the Government of India and the Ministry of Food Processing Industries for providing such supportive platforms for the domestic food processing industry We are confident that we will make a significant contribution to the development of a strong ecosystem for the agro-processing sector in India as well as the establishment of our own brands in other countries The CFO of the company Mr Anand Krishnan commented that Foods Inns has established itself as one of Indias leading and reliable fruit and vegetable processors and the governments incentive scheme will help speed up the companys marketing and sales efforts in the B2B and B2C segments Our company has the vision of becoming the largest Fruits and Vegetable processor in India and this incentive scheme will help us build up capabilities for the same 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 March23 out of which almost 13rd of the capex is already completed We can get incentives between Rs1093crs to Rs14722crs over a period of 6 years if we grow our sales at a CAGR of 15 over the base year of FY19-20 We as a company have a clear roadmap on achieving the PLI based targets and the current year performance provides ample proof of our intent and abilities We expect the incentives to be a major game changer to the fortunes of the company which will help us become a global agro product processing champion About the scheme The Government of India announced a total outlay of Rs 10900 crores for the Food Processing Industry under the Production-Linked Incentive PLI plan which is overseen by the Ministry of Food Processing Industries The initiative is based on the governments goal of an Atmanirbhar Bharat which aims to improve the countrys industrial capacity and exports The government wants to build global manufacturing champions in India develop Indian brands abroad promote non-farm jobs ensure fair farm produce prices and boost farmers income About Foods Inns FIL is a manufacturer and exporter of a range of processed tropical fruits pulps purees and vegetables with state-of-the-art factories in Chittoor Valsad Sinnar and Gonde Nashik The company operates in the food processing industry and its principal divisions are Aseptic Canning Spray drying Frozen fruits IQF Individually Quick Frozen vegetables and snacks Product range includes tropical fruit purees concentrates of Mango Guava Papaya apart from Tomato Paste Natural Fruit Vegetable Powders The company owns brandstrademarks such as Madhu – Fruit Pulp Green Top – IQF Vegetables Kusum Masala Spices Triveni Global – Frozen food Zatpat Zaldee – QSR The company as an initiative towards Sustainability and Value addition has entered into a Joint Venture on the 13th of April 2021 with a food technology company to convert its fruit waste into Pectin Oils Butter The idea behind the venture is to upscale waste from mango processing to address its disposal and convert into pectin which has a huge potential in India given that 95 of Indias pectin requirement is imported The joint venture company is named Beyond Mango Pvt Ltd PWR PWR
