GoI approves setting up of 15 new mega food park projects across India

The Cabinet Committee on Economic Affairs, Government of India (GoI) has approved setting up 15 mega food park projects under the Infrastructure Development Scheme (in addition to 15 ongoing projects), involving a total grant of Rs 787.50 crore from GoI. GoI will send across an Expressions of Interest (EOI) to prospective entrepreneurs. As per the procedure laid down in the scheme guidelines, the most suitable proposal will be selected while the timeline for project implementation in respect of each mega food park is 24 months from the date of release of first tranche of the first installment.

Each mega food park is expected to generate the following financial outcomes: Expected to benefit 6,000 farmers / producers directly and 25,000-30,000 farmers indirectly, Estimated investment in each project will be about Rs 100 crore in common facilities and will leverage an additional investments about of Rs 250 crore, Expected annual turnover of each project will be Rs 500 crore.