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| Industry News |
| FDI in food processing sector may touch Rs 1,200 crore |
| Thursday, May 06, 2010, 12:00 Hrs [IST] |
Foreign direct investment (FDI) in food processing is likely to rise 27 per cent to Rs 1,200 crore this fiscal in the light of immense untapped potential in the sector, Subodh Kant Sahai, Union Minister for Food Processing Industries said. “This year, FDI is expected to cross Rs 1,000 crore and touch Rs 1,200 crore,” Sahai said on the sidelines of the second national conference of the National Meat and Poultry Processing Board (NMPPB) in New Delhi.
A senior ministry official said that FDI is expected from many Mauritius-based companies, who are looking at tapping the Indian market. US-based producer and marketer of food Cargill was also expected to invest in the sector this fiscal, he added.
The government had allowed 100 per cent FDI in food processing. Of the total FDI in food processing last fiscal, PepsiCo, a global player in convenient snacks, foods and beverages, constituted about 40 per cent, the official said. In 2009-10 fiscal, FDI in food processing industry rose by over 200 per cent to Rs 945 crore, against Rs 400 crore in the previous year, he mentioned.
The official said that FDI from PepsiCo in the sector increased substantially during the last fiscal. The company had invested in the food segment and not beverages, he added. Sahai further said that the government was expecting detailed project reports (DPR) on four mega food parks in Karnataka, Punjab, Uttar Pradesh and Maharashtra. |
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