The Captain Amarinder Singh led government is all set to leverage the new Progressive Punjab Investors Summit 2019 for reaching out to some of the global leading FMCG organisations for partnering with the state in upgrading the sector. The World Economic Forum (WEF) is extending full support to the Punjab engagement in the summit, which will focus on the potential chances of growth in this sector and the strengths of the Punjab ecosystem.
Spain’s Congelados De Navarra and IFFCO have, in fact, already entered a JV to set up their 1st food processing facility outside Europe. With a devoted investment of INR 523 crore, the initiative is ready to back Rs 10,000 farmers and procure 150,000 tonnes from farmers annually.
Taking this positivity forward in the sector is Punjab’s Industrial and Business Development 2017 Policy, which identifies Agri and Food Processing as core sectors and gives liberal incentives. The state provides a strong infra ecosystem to facilitate the growth of the Food Processing plants through the 3 Mega Food Parks at Fazilka, Ludhiana (Ladhowal) and Phagwara.
The State also houses more than 153 Agriculture Produce Market (in the form of Committees / Mandis, 3110 Purchase Centers and 5 Agri Export Zone). Punjab is also in the process of setting up primary processing centres at Abohar, Hoshiarpur, Sri Amritsar Sahib, and Talwandi Sabo to support the companies funding in Food Parks.
Many leading companies have begun harnessing the opportunity given by the state to invest in the sector. Varun Beverages (Pepsi) got their 1st first fully backward integrated facility, to produce PepsiCo’s beverage portfolio items, became fully operational earlier this year, within 10 months of application to Invest Punjab. Sukhjit Mega Food Park (Phagwara) is investing INR 152 crore for their maize processing facility, to help boost the state government’s crop diversification efforts.
The Allana Group, India’s largest exporter of processed food products and agro commodities, is introducing a Meat processing plant with INR 125 crore in committed investment, while Verka Mega Dairy plant is being built with a total investment of INR 358crore. Ludhiana Beverages (Coca Cola) is planning a further expansion of INR 200-300