Parag Milk application under PLI program approved for mozzarella, Retail News, ET Retail segment

Dairy company Parag Milk Foods Ltd said on Monday that its application under the Product Incentive Program (PLI) for the mozzarella cheese segment had been approved.

In March of this year, the Union Cabinet approved a PLI program for the food processing sector, resulting in an expenditure of Rs 10,900 crore. The program will help create 2.5 lakh jobs, boost exports and ensure the availability of a wider range of value-added products for consumers.

Through a regulatory filing, the company said it had “received approval of the Product Incentive Program (PLI) application – Category 1 Mozzarella Cheese Segment.”

“We are pleased to announce that the application by Parag Milk Foods Ltd, via PLI application dated June 15, 2021, has been approved by the Competent Authority for Incentive Based on Sales of Mozzarella Cheese Products for the period 2021-27 subject to the condition of meeting all the required criteria, ”said the company.

Under this program, the maximum amount allowed is Rs 71 crore to be distributed over the next six years.

“This would involve a minimum investment of Rs 29 crore to be spread over the three year period from FY’21-23, and the capacity to be increased by 10 MTPD (metric tons per day), with a minimum CAGR of sales of 15 per cent, ”Parag Milk said.

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