Hyderabad: Hyderabad-based dairy company, Heritage Foods Limited, signed a memorandum of understanding (MoU) with State Bank of India, Bank of Baroda and Indian Bank to provide dairy loans to farmers through the lender’s branches across the country.
Recently, Heritage Foods has signed a MoU with SBI Maharashtra circle at Baramati to facilitate cattle loans to milk producers. The company has also signed a MoU with Indian Bank at Chennai. The company had earlier tied-up with State Bank of Hyderabad in 2011 and Bank of Baroda in 2016 to provide dairy loans to the farmers. This initiative may help farmers to double their income by doubling their cattle count.
Heritage Foods is in the business of procurement, processing and sale of milk and milk products. The objective of this collaboration is to help farmers by providing investment credit in agriculture.
Commenting on the development, Brahmani Nara, executive director, Heritage Foods, said, “This is a major step towards empowerment of farmers. We ensure procurement of entire milk produced under this financing facility, which ensures regular income for farmers and gives good comfort for the banks to fund farmers. This is a win-win situation for all. In the process, the income of farmers will be doubled and they can also increase the cattle strength in future, once they establish good repayment track record with the banks.”