- Signs MoU with MoFPI as a commitment to finance INR 1,000 Cr towards food processing projects & catalyzing a total investment of INR 4,000 Cr in Food Processing Infrastructure
- Anchors ‘Food Processing Start-Up Awards’ with MoFPI, Startup India & a-IDEA to identify most promising & innovative food processing startups in India
- Conceptualization of Summit Publication ‘A Journey through the Indian Food Processing Sector’ unveiled by Prime Minister Modi
Delhi, November 03, 2017, YES BANK, India’s 5th largest private sector Bank signed an MoU with the Ministry of Food Processing Industries, Government of India (MoFPI) to provide INR 1,000 Cr financing to around 100 food processing projects in India, with an average ticket size of INR 10 Cr. Through this commitment, YES BANK will enable a total investment of INR 4,000 Cr of investment in the food processing sector by leveraging INR 1,000 Cr of lending to projects in the ‘Farm to Fork’ value-chain, with a special focus on projects under Pradhan Mantri Kisan SAMPADA Yojana. The focus will be on projects across backend infrastructure, cold chain creation of new processing units, expansion of existing units, forward linkages & food processing clusters in various locations in India, amongst others.
YES BANK is the exclusive Banking Partner for the Inaugural World Food India 2017 (WFI), Ministry of Food Processing Industries (MoFPI) flagship Summit, being held from Nov 3-5 at Vigyan Bhawan, New Delhi.
Speaking on YES BANK’s partnership with MoFPI for WFI, Mr. Rana Kapoor, MD & CEO, YES BANK & Chairman, YES Global Institute said, “India’s Food Processing industry is a vital economic growth driver and is playing a key role in doubling farmer’s value added income and ensuring food security. World Food India is an ideal global platform to showcase India’s diverse food ecosystem, unique ingredients availability, investment opportunities, infrastructure, ease of doing business, unique innovation culture and skilled resource base – all of which can boost India’s position as a ‘global food factory and sourcing supply chain hub’. YES BANK is proud to partner this first ever international Food forum and is committed to work with the Government, Industry and all stakeholders for transformation of India’s food economy.”
YES BANK along with MoFPI, Start-Up India & a-IDEA (a joint initiative of Ministry of Agriculture & Dept. of Science & Technology, GoI) institutionalized the Food Processing Start-Up Awards, to boost the Start-Up ecosystem of the country. Over 150 applications were received of which the top 20 have been selected basis scalable & enterprising innovations across 6 areas namely products, technologies, food safety, supply chain, cold chain & packaging. The top 3 most promising & innovative startups will be awarded by the Hon’ble President of India during the Valedictory Session of WFI on Nov 5. All 20 finalists will get an opportunity to undergo mentorship through a structured program, being put together by the Government of India.
(From L-R): PM Modi releasing the MoFPI-YES BANK-CII coffee table - ‘A Journey through the Indian Food Processing Sector’ during the Inaugural of World Food India 2017 on Nov 3 at Vigyan Bhawan, New Delhi
On the occasion, Hon’ble Prime Minister Shri Narendra Modi released the MoFPI-YES BANK-CII publication, ‘A Journey through the Indian Food Processing Sector’, which showcases the evolution and dynamic growth of the sector through a series of narratives capturing the spirit of excellence, innovation and entrepreneurship. Hon'ble Prime Minister stressed on the need for attracting investment in contract farming, raw material sourcing and creating agri linkages. The Prime Minister highlighted that the Pradhan Mantri Kisan Sampada Yojana would create world-class food processing infrastructure and will leverage investment of US $5 billion, benefit 2 million farmers & create more than half million jobs.
Further, YES BANK also authored 10 sub-sectoral background papers on food processing which will be used as reference documents in relevant sessions through the 3-day Summit.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/