Yes Bank in Uttaranchal floriculture sector

Yes Bank, an emerging private bank in India, has entered Uttaranchal to tap the potential of floriculture sector which needs to be appropriately harnessed, officials said today.

The Government of Uttaranchal through its nodal agency State Industrial Development Corporation of Uttaranchal Ltd (SIDCUL) is establishing a Floriculture Project enabling comprehensive project execution inclusive of machinery supply, construction, management and operation of the entire set up to promote the floriculture sector by growing high quality bulbous material.

The bank has been appointed as project advisor by SIDCUL for their upcoming floriculture project in Chafi area in Nainital district in this regard.

The bank has already come out with an investment strategy report titled "Uttaranchal: The Next Destination" for the state in partnership with PHDCCI.

The report highlighted key growth sectors in Uttaranchal that should be harnessed for sustainable and commercial socio economic development of the state. It also details implementable strategies for sustained and continuous investment in the state with a focus on agri-business, tourism, information technology, biotechnology and Infrastructure.

"Our objective is to develop floriculture in a big way with reference to both domestic and export markets," a bank official told Business Standard.

"With the project, SIDCUL aims to promote and scale up the development of the floriculture industry in the state, with the participation of local hill farmers and entrepreneurs by use of the latest technological intervention, and as a means for creation of employment and income generation opportunities for farmers in the State," he added. The project is likely to get operationalised within this year.

Yes Bank officials said they had tremendous expertise in public-private partnerships in sectors like food and agribusiness, infrastructure, life sciences and biotechnology, education, tourism, SME and information iechnology.

A specialised development and knowledge banking group has been constituted from the start-up stage of the bank to focus on these sectors, the officials said.