2022-23 would be International Year of Millets, Govt to Support Post-harvest: FM?
2022-23 would be International Year of Millets, Govt to Support Post-harvest: FM?

Finance Minister Nirmala Sitharaman has announced that the year 2022-23 would be the 'International Year of Millets'.

"Support will be given for post-harvest value addition, enhancing domestic consumption and branding millet products nationally as well as internationally," Sitharaman stated.

S.N. Rao, Managing Director, Supreem Super Foods says, “The declaration of 2022-23 as the “International Year of Millets” has come to us as big bright sunshine of hope. This year’s plan of encouraging millet production with higher emphasis on exports and reduced import dependency will propel our industry into a much more stable path after a period of struggle.”

Prior to this, the government had declared 2018 as the National Year of Millets to boost the production of the Nutrient-rich Millets and the Sunrise Agri Industry involved in it. 

India, along with Niger and China, are the largest producers of millet in the world, accounting for more than 55 percent of global production. In India, Rajasthan is the top millet-producing state, catering to over 40 percent of total production in the country.

Meghana Narayan and Shauravi Malik, Co-founders, Wholsum Foods say, "The Union Budget 2022 provides tremendous growth opportunities for the startup and agricultural sector. With 2023 designated as the International Year of Millets, the awareness around the health benefits of millets and also their environment-friendly cultivation methods will only continue to grow. It is heartening to see that the Union Budget puts the grain in focus, especially by way of branding of millet products nationally and internationally." 

"This will strengthen the entrepreneurial ecosystem in the space of these nutri cereals in India. A new wave of entrepreneurship is sweeping the nation and the move will allow numerous young Indians to bring their ideas to life and build brands for the new-age Indian consumer. Wholsum Foods and Slurrp Farm are proud to be a part of both India’s startup and millet stories and we look forward to playing our part in this next chapter of India’s growth," Co-founders of Wholsum Foods further said.  

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Retail India News: Gopal Snacks Ltd Sets IPO Price Band, Targets Rs 650 Cr in Retail Investment
Retail India News: Gopal Snacks Ltd Sets IPO Price Band, Targets Rs 650 Cr in Retail Investment

Gopal Snacks Limited, based in Rajkot, has established the price band for its Initial Public Offering (IPO) at Rs 381 to Rs 401 per Equity Share with a face value of Rs 1 each. The IPO is set to commence on March 6, 2024, and conclude on March 11, 2024. Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter, with the issue being an offer for sale amounting to Rs 650 crore.

The fast-moving consumer goods company, known for its ‘Gopal’ brand, specializes in a diverse range of savory products, including ethnic and western snacks, papad, spices, gram flour, noodles, rusk, and soan papdi. With a product portfolio comprising 84 products and 276 Stock Keeping Units (SKUs), Gopal Snacks has expanded its presence across India, reaching over 523 locations in ten States and two Union Territories.

As of September 30, 2023, the company's distribution network consists of three depots and 617 distributors, supported by a dedicated sales and marketing team of 741 employees. Gopal Snacks operates six manufacturing facilities in India, strategically located in Rajkot, Modasa, and Nagpur, focusing on producing a variety of products, including besan, raw snack pellets, seasoning, and spices.

The IPO, conducted through the Book Building Process, allocates not more than 50 percent to Qualified Institutional Buyers, not less than 15 percent to Non-Institutional Investors, and not less than 35 percent to Retail Individual Investors. Book Running Lead Managers for the Offer are Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, with Link Intime India Private Limited serving as the Registrar. The Equity Shares are proposed to be listed on BSE and NSE.


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