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Parag Milk Foods announced that the company 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 February 2021.
The company's PLI application 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 Rs 71 crore to be spread over the next six years' time frame. It would entail a minimum Investment Rs 29 crore 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%.
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