NEW DELHI, May 18, 2017 /PRNewswire/ --
Kwality Limited, one of the largest and fastest growing private dairy companies in India, organized a colossal event at Sardarshahar and Lunkaransar in the districts of Churu and Bikaner, Rajasthan, respectively, for disbursement of first tranche of INR 4,000 crores of loans to its farmers as part of its MoU with Bank of Baroda, second largest public sector bank in India, inked earlier this year. The event was attended by over 2,000 farmers and the loans were disbursed to over 400 farmers.
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As per this unprecedented MoU, Bank of Baroda would disburse INR 4,000 crores of loans to Kwality's one lakh farmers in the initial phase, out of its existing network comprising of 3.5 lakh farmers across 4,700 villages across Rajasthan, U.P, and Haryana. Offered at a preferential rate of 8.6% p.a. each farmer can avail up to INR 4 lakhs and the funds shall be utilized towards purchasing of milching animals, a smart phone, and a two-wheeler. Though this scheme, the company aims to increase its direct procurement from farmers which currently contributes 22% of its milk handling capacity of 3.4 mn litres/day and accelerate its transition towards B2C by enabling faster shifting of our product mix towards consumer products, primarily fresh milk and value-added products. Acting as a facilitator under this arrangement, Kwality has set up a separate office solely for this scheme.
The event was graced by the presence of Mr. Arjun Ram Meghwal, Minister of State for finance, Rajasthan. On the success of the event Mr. Meghwal said, "This noble initiative is in line with our honorable Prime Minister's vision to double the farmer income by 2022 and graduate them towards digitization. In addition to various schemes/government initiatives in this direction, our country needs such public-private sector partnerships to achieve this target. I would like to thank and congratulate Kwality and Bank of Baroda for setting up a strong example in this direction and hopefully this would trigger many such collaborations by other private and public organizations to enable achievement of aforementioned objective."
Present on the occasion, Dr. R.S Khanna, Chairman, Kwality Limited said, "Our Company is committed to improve the socio-economic lives of the farmer community and this scheme is aimed towards the same. This would empower farmers to increase their income levels and steer towards digitization which would accelerate financial inclusion, ease Direct Benefit transfers, foster e-learning, increase awareness about government schemes/incentives and industry/news updates, and enable seamless transactions. Our intent is to go beyond our procurement areas and extend this arrangement towards other parts of the country. We are hopeful that this initiative will lay the foundation for second white revolution."
Mr. Sanjay Dhingra, Managing Director, Kwality Limited said, "We are privileged and honoured by the presence of Mr. Arjun Meghwal in this event. We are delighted to begin this loan disbursement scheme at Sardarshahar and Lunkaransar. It's a great opportunity for all of us to join hands and work towards development of dairy sector in the state. Kwality is amongst largest and fastest growing private dairy companies in India today with milk handling capacity of 3.4 mn liters per day across its six plants, located at Softa (Haryana), Saharanpur (UP), Bulandshaher (UP), Jarar (UP), Sitapur (UP) & Ajmer (Rajasthan). We have established robust procurement network comprising of 3.5 lakh farmers across 4, 700 villages in Rajasthan, U.P., and Haryana. We are growing and evolving rapidly with an aim to become best-in-class B2C dairy company compliant with global standards. On this occasion, we would like to extend our sincere gratitude to all the milk producing farmers for their trust in our company and invite all the farmers of Sardarshahar and Lunkaransar to join Kwality family."
About Kwality Ltd.
Incorporated in 1992, Kwality Limited is amongst the largest and fastest growing private dairy companies in India today with milk processing capacity of 3.4 mn litres /day through its six state-of-the-art plants strategically located close to key north markets. The company has established procurement network comprising of ca. 350,000 farmer families across ca. 4,700 villages in U.P., Haryana, and Rajasthan which are amongst the largest milk producing states of India. The product range includes variants of pouched milk, ghee, cow ghee, Livlite 85% less cholesterol ghee, UHT milk, UHT cream, curd, skimmed milk powder, wake up creamer, flavored milk, chaach, lassi and other dairy products, catering to retail and institutional customers through its wide distribution network. Kwality Limited was conferred the Dun & Bradstreet Corporate Award 2014 as the top Indian Company under the sector 'Food & Agro Processing'.
For more information visit http://www.kwality.com
Media Contact:
Neha Pandhi
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Kwality limited
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