Major FMCG companies, Tata Consumer Products and Godrej Agrovet have signed a non-binding MOU with the Ministry of Food Processing Industries for a total investment of Rs 2,960 crore, the companies announced on Friday.Tata Consumer Products announced that the company has signed an MoU with MoFPI for an investment of up to Rs. 2000 crores over a period of 5 years, as part of Investment Promotion Activity for World Food India 2025. However, the company did not reveal any details on the investment. "Once the terms and conditions for investment are finalized, the Company would make appropriate disclosures, if necessary" the company said.Godrej Agrovet signed an MoU to set manufacturing and processing facilities along with an upstream R&D center at an estimated investment of Rs 960 crore. "Signed on the sidelines of World Food India 2025, this proposed investment of INR 960 Crore is a significant step in the company’s journey towards enhancing its food processing capabilities through state-of-the-art manufacturing facilities and an R&D center," Godrej said in a regulatory filing.The MoU was signed in the presence of Avinash Joshi, IAS, Secretary, Ministry of Food Processing Industries and Rakesh Swami, Group President – Corporate Affairs, Godrej Industries Group.The signed investment is focused on the company's oil palm and pet food business. Godrej Agrovet will invest the said amount across projects in Andhra Pradesh, Assam, Tripura, Telangana, and Maharashtra. The facilities are expected to be completed by FY27, aiming to contribute to regional development and skill enhancement through significant employment generation."By investing in upstream infrastructure and R&D, our aim is to create sustainable value across the supply chain while contributing to the upliftment of the ecosystem," Sunil Kataria, CEO & MD, Godrej Agrovet Limited, said.Group President of Godrej Industries, Rakesh Swami lauded MoFPI’s resolve to dispel misconceptions around packaged foods.“Driven by the MoFPI’s forward-looking policies and the government’s strong commitment to a resilient agri-food ecosystem, India’s food processing sector is attracting unprecedented investments," he said. "Equally inspiring is MoFPI’s resolve to dispel misconceptions around packaged foods while fostering innovation-led growth."Commenting on the signing of MoU, Avinash Joshi, IAS, Secretary, Ministry of Food Processing Industries said, “We are delighted to partner with Godrej Agrovet. Today’s MoU reaffirms our shared commitment to strengthening India’s agri-food ecosystem and advancing rural development goals."Joshi lauded Godrej's efforts saying, "As a key enabler of the National Mission on Edible Oils – Oil Palm, with a strong legacy of innovation in food processing, Godrej Agrovet continues to play a pivotal role in driving India’s nutrition, agri-economy, and emerging consumer segments. We look forward to working closely with them to accelerate this mission."Read more at:https://economictimes.indiatimes.com/industry/cons-products/fmcg/tata-consumer-godrej-agrovet-sign-mou-with-food-ministry-world-food-india/articleshow/124157841.cms (ICE MUMBAI)

Fonte notizia: The Economic Times