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FMCG shares upbeat as HUL, ITC, Britannia, others get nod under food processing PLI scheme

ITC, HUL, Nestle India, Dabur India, Tata Consumer, Britannia are among 60 companies that will benefit from the incentives under the PLI scheme

December 07, 2021 / 10:09 AM IST
PLI scheme for food processing

PLI scheme for food processing

Most components of the Nifty FMCG index were trading in the green on December 7, a day after the government said it had approved applications from 60 companies under the production-linked incentive scheme (PLI) for food processing.

The food processing ministry said applications of investment proposals by packaged food companies such as Amul, ITC, HUL, Britannia Industries, Parle Agro, Tata Consumer Products and Nestle India had been approved.

While ITC was trading 0.6 percent higher at Rs 219.10 on the BSE, HUL was up 0.8 percent at Rs 2,326.55 and Britannia Industries was up 1 percent at Rs 3,528.55.

In March 2021, the Cabinet approved a PLI scheme for the food-processing sector, with an outlay of Rs 10,900 crore. The scheme would help create 2.5 lakh jobs, boost exports and ensure availability of a wider range of value-added products for consumers, the government had said.