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Nestle rises after approval for PLI scheme

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Nestle India gained 2.14% to Rs 19,400 after the Government of India approved company's application for Production Linked Incentive (PLI) Scheme.

In June 2021, Nestle India had submitted its proposal towards the Government of India's production linked scheme for the food processing sector under the eligible categories i.e., ready to eat / ready to cook and processed fruits & vegetables. The company received approval from the Government today.

The FMCG major further said that PLI scheme for the food processing sector will help farmers and the food processing industries. It is overall a good step for an industry that has one of the better ratio of capital investment and employment generation.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. It has presence across India with 8 manufacturing facilities and 4 branch offices.

The FMCG major's net profit rose 5.16% to Rs 617.37 crore on 9.63% increase in net sales to Rs 3,864.97 crore in Q3 September 2021 over Q3 September 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 07 2021. 14:42 IST