Parag Milk's application under PLI scheme approved for mozzarella segment

Dairy firm Parag Milk Foods Ltd on Monday said its application under the Product Linked Incentive (PLI) Scheme for mozzarella cheese segment has been approved.

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

Through a regulatory filing, the company informed that it has "received approval of the application made under the Product Linked Incentive (PLI) Scheme” Category 1 Mozzarella Cheese Segment".

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"We are pleased to announce the application of Parag Milk Foods Ltd, through the PLI application dated June 15, 2021, 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," the company said.

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 FY'21-23, and capacity to be increased by 10 MTPD (metric tonnes per day), with a minimum CAGR of sales 15 per cent," Parag Milk said.