India is organizing a three-day road show in UK beginning on September 5 to attract foreign direct investment in the food processing sector.
The government recently allowed 100 per cent FDI in multi-brand retail for food products produced and processed in India.
Food Processing Industries Minister Harsimrat Kaur Badal is leading a team of officials to London for the purpose, an official said.
UK is home to several big players which India can tap, including Tesco, Marks & Spencer (M&S) and Salisbury.
The government has permitted 100 per cent foreign direct investment in trading of food products, including through e- commerce, to provide a boost to the country’s food processing sector.
Food Processing Secretary A K Srivastava had said that Walmart, the world’s largest retailer, is keen to retail processed food in India.
The food processing sector received FDI worth $1.04 billion during April 2014 to March 2015.
The industry was valued at $39.71 billion in 2013 and is expected to grow at a CAGR of 11 per cent to $65.4 billion by 2018.
Some of the major investments received in the last two years include Linde Group’s investment of $200 million in seafood segment in Andhra Pradesh, and US-based Mondelez International’s new manufacturing plant in the state.
Source: Financial Express
Image Courtesy: thehindubusinessline
