Heritage Foods (India) inks MOU with State Bank of Hyderabad

Heritage Foods (India) (HFIL) has entered into an memorandum of understanding (MOU) with State Bank of Hyderabad (SBH) on July 22, 2011 to promote dairy activities in Andhra Pradesh. In this regard, several below poverty line families will be benefited as if they take a loan to rear say 10 to 12 heifers the yield from the milk alone will make them self-sufficient. On a diary loan of Rs 5.00 lakhs, NABARD gives a subsidy of Rs 1.25 lakhs which will help the farmers to receive.

To sum up this collaboration between SBH and HFIL will greatly benefit rural areas of Andhra Pradesh and will also increase investment credit in Agriculture segment, provide gainful employment, increase rural production of milk, food grains, vegetables and raise income levels of the farmer.

SBH gives loan to the farmers who are the suppliers of the milk to the HFIL which acts as a facilitator. The company agreed to pay from the sale proceed of the milk procured will be routed through the nominated account of the bank. From the nominated account, the amount due to each borrower will be sent to the concerned branch for credit to the loan account of the borrowers on weekly / fortnightly basis till the entire dues of the bank are paid in full in respect of the concerned borrower.

The Heritage Group is one of the fastest growing Private Sector Enterprises in India, with three-business divisions viz., Dairy, Retail and Agri under its flagship company Heritage Foods (India).The product range of the company includes full cream milk, toned milk, double toned milk, cow milk, UHT milk (Tetra pack), cow ghee, buffalo ghee, cooking butter, fresh cream, skim milk powder, curd (Cup & Pouch), flavoured milk in bottles and tetra packs, butter milk, lassi, paneer, doodhpeda, ice cream, bread cookies.