India is all set to organise a three-day roadshow in UK beginning today to attract foreign direct investment in the food processing sector.
As per a report in PTI: Food Processing Industries Minister Harsimrat Kaur Badal is leading a team of officials to London for the purpose, an official said.
The government recently allowed 100 per cent FDI in multi-brand retail for food products produced and processed in India.
The government has permitted 100 per cent foreign direct investment in trading of food products, including through e- commerce, to provide a boost to the country’s food processing sector.
Food Processing Secretary A K Srivastava had said that Walmart, the world’s largest retailer, is keen to retail processed food in India.
UK is home to several big players which India can tap, including Tesco, Marks & Spencer (M&S) and Salisbury.
The food processing sector received FDI worth $1.04 billion during April 2014 to March 2015.
The industry was valued at $39.71 billion in 2013 and is expected to grow at a CAGR of 11 per cent to $65.4 billion by 2018.
Some of the major investments received in the last two years include Linde Group’s investment of $200 million in seafood segment in Andhra Pradesh, and US-based Mondelez International’s new manufacturing plant in the state.