Kwality Dairy signs MoU with Indian Bank07 July 2014
INDIA - In order to provide its dairy farmers with financial assistance, New delhi based, dairy farm, Kwality dairy has signed a memorandum of understanding (MoU) with Central Bank of India.
"Kwality has signed a MoU with Central Bank of India for financing of dairy animals to the milk producer farmers (MPF) and to provide financial assistance for expansion/establishment of their dairy farms," the company said in a statement.
Under the agreement, the dairy farm will identify the farmers who supply milk to them and are in requirement of financial assistance.
The company will then recommend their names to the bank, which would extend its credit facility to the Milk Producer Farmers (MPF) after checking the farmers credentials.
Kwality Dairy will help the farmers in the documentation process and also in remitting the sale proceeds of the milk from the farmers directly to the bank for appropriation towards the loan/credit of farmers account.
The MoU with the bank will help us to further procure good quality milk from farmers, which helps us to strengthen our supply side, Sidhant Gupta, Kwality Director said on development.
This agreement will encourage more people towards the dairy farming sector and this agreement is a first step towards the vision of establishing large-scale dairy farms in India," R B Gupta, general manager, Central Bank of India said.
Kwality Dairy has six plants in Haryana, Uttar Pradesh and Rajasthan with processing capacity of 3 million litres a day.
The company has recorded an increase in consolidated net sales by 27 per cent at $836 million last fiscal, while profit was up 37 per cent at R$24.25 million.
TheCattleSite News Desk