ADF Foods receives nod for PLI scheme for Branding and Marketing Expenditure abroad; Stock soars

6 Jan 2022 , 12:47 PM

ADF Foods Limited has received approval from the Government of India under Category III of the Production Linked Incentive Scheme for Food Processing Industries.

The approval under PLI is for Branding and Marketing Expenditure Abroad.

The Company would be extended financial incentive @ 50% of budgeted outlay on international Branding and Marketing expenditure or 3% of sales of food products whichever is lower subject to a maximum incentive of Rs61.35cr during the scheme tenure from FY’21-22 to FY’25-26.

In its regulatory filing today, the company stated that it is thankful to the Government of India for approving its application under the Production Linked Incentive (PLI) Scheme. This will assist the Company in augmenting its export sales through increased branding expenditure.

At around 12.44 pm, ADF Foods was trading at Rs891.60  per piece up 0.93% on Sensex. The stock was near the day’s high of Rs902.95 per piece.