Parag Milk Foods Ltd's application under PLI scheme approved

Parag Milk Foods Limited, a leading manufacturer and marketer of dairy-based branded products in India stands out to be the beneficiary of PLI Scheme - Category 1 of Mozzarella cheese.

The PLI Scheme is based on the strategy of "Atmanirbhar Bharat - Strategies for enhancing India's manufacturing capabilities and enhancing exports in ten sectors", which had been approved by the Union Cabinet on 24.02.2021.

The PLI scheme for the food processing industry, to be implemented during 2021-22 to 2026-27 with an outlay of Rs 10,900 crore, was approved by the Cabinet on March 31, 2021. The scheme is essentially meant for Indian companies and subsidiaries of MNCs operating in India with minimum sales of food products manufactured in India, it added.

The scheme will encourage investment in four food segments: Ready to Cook / Ready to Eat (RTC/RTE), including millet-based foods, processed fruits and vegetables, marine products, mozzarella cheese, it added.

According to the government, the objective of the scheme is to support the creation of global food manufacturing champions; support Indian brands of value-added food products in the international markets; increase employment opportunities for off-farm jobs and ensure remunerative prices of farm produce and higher income to farmers.

With respect to the above-mentioned scheme, we are pleased to announce the application of Parag Milk Foods Ltd, through the PLI application dated June 15, 2021, has been approved by the Competent Authority for sales-based incentive for mozzarella cheese product for the period 2021-27 subject to the condition of fulfilment of all the required criteria.

Under the scheme the maximum permissible amount is INR 71 crore to be spread over the next six years' time frame. It would entail a minimum Investment INR 29 Cr to be spread over the three years time frame from FY21-23, and capacity to be increased by 10 MTPD, with a minimum CAGR of sales 15%.

Shares of Parag Milk Foods Limited was last trading in BSE at Rs. 116.80 as compared to the previous close of Rs. 116.30. The total number of shares traded during the day was 179891 in over 3590 trades.

The stock hit an intraday high of Rs. 121.00 and intraday low of 113.75. The net turnover during the day was Rs. 21094262.00.

Source : Equity Bulls

Keywords

ParagMilkFoodsLimited INE883N01014 PARAGMILK PLIScheme Beneficiary MozzarellaCheese