A scheme for Technology up-gradation / Setting up / Modernization / Expansion of Food processing Industries is being implemented by Ministry of Food Processing Industries, Government of India.
State Bank of Hyderabad has been designated as one of the participating banks in the scheme for receiving application forms from entrepreneurs and processing the grant / Subsidy.
Grant / Subsidy:
25% of the cost of Plant and Machinery and technical civil works Maximum `50.00 lac
33% of the cost of Plant and Machinery and technical civil works in difficult areas (Jammu & Kashmir, Himachalpradesh, Uttarakhand, Sikkim, North Eastern States, Andaman & Nikobar islands, Lakshadweep and Integrated Tribal Development Project (ITDP) areas)
Only New Plant & Machinery are eligible.
Technical civil works include civil works for functional purposes and shall exclude boundary wall, office building, guest house, canteen and roads.
Food Processing Industries – Processing industries in fruits & vegetables, milk products, meat, poultry, fishery, cereal/other consumer food products, oilseeds products, rice milling, flour milling, pulse processing and such other Agri horticultural sector including food flavours and colours, oleoresins, spices, coconut, mushrooms and hops.
Activities Not Covered – Aerated water, packaged drinking water, and soft drinks.
Application: Application for the grant may be submitted to the Bank along with the application of credit facilities or before commencement of commercial production.
The grant will be sanctioned by the Bank and request application for release of the grant will be sent to the Ministry of Food Processing Industry online through e-portal.
The subsidy / grant will be released in two installments.
Ist installment – After utilization of 50% of Term loan or 50% of promoters contribution.
IInd installment – After utilization of 100% Term Loan or 100% Promoters contribution.