PAIC gives green signal to form SPV for branding and marketing of products

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Punjab Agro Industries Corporation today gave nod for forming a Special Purpose Vehicle (SPV) for branding and marketing of products

Chandigarh: In a step aimed at giving major push to food processing sector in the state, the Punjab Agro Industries Corporation today gave nod for forming a Special Purpose Vehicle (SPV) for branding and marketing of products manufactured by Micro Food processing units.

A decision to this effect was taken in a meeting of Board of Directors chaired by the Chairman of Punjab Agro Industries Corporation Joginder Singh Mann, along with Managing Director Manjit Singh Brar, here at the office of the corporation.

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Presiding over the meeting, the Chairman said that Punjab government led by Chief Minister Captain Amarinder Singh was making stupendous efforts to transform the destiny of farmers of state by giving fillip to food processing sector. He said that SPV would be constituted in financial collaboration with Unati Cooperative Marketing cum Processing society. Mann said that the move was largely aimed at giving boost to the food processing sector especially the micro food processing one.

The Chairman envisioned that the SPV would provide a common branding, marketing and central quality control platform for the beneficiaries of Prime Minister Formalisation of Micro Food Processing Enterprise Scheme (PMFME). He said that Punjab Agro Industries Corporation was the nodal agency of state to implement the PMFME.

Mann said that the products like Pickle, Murabba, Jaggery, wadiyan, pappad, ready to eat/cook products, value added bakery products, honey were covered under the scheme.

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The Chairman said that a comprehensive survey has been conducted by the officers as per which ‘one district, one product’ has been finalised for the implementation of scheme in right earnest. He said that so far around 160 micro food processing units have applied under the scheme, under which 35% subsidy, would be provided to them.

Mann said that as the farmers of the state was already on crossroads so the Punjab Agro Industries Corporation was making strenuous efforts to ensure that Punjab was emerged as ‘Food Processing Hub’ of the country.

Prominent amongst those present on the occasion included Managing Director Manjit Singh Brar, Directors Ranjit Singh, Karamjit Singh Mitha, Nirmala Devi and Rajiv Sehgal besides others.