P&G to set up Rs 400 cr 'India Growth Fund'

P&G to set up Rs 400 crore 'India Growth Fund' to help suppliers

Representative image. Credit: Reuters.

FMCG major Procter & Gamble (P&G) on Thursday announced a Rs 400 crore fund to help its existing and new suppliers in India to build capacities.

Through the ‘India Growth Fund', P&G will collaborate with suppliers to build capacities that will further localise the manufacturing of finished products, procurement of raw materials and packaging materials, and adopt go-to-market innovations and technology, P&G said in a statement.

“This is in line with the government’s vision of a self-reliant India and P&G’s commitment to drive inclusive growth in India through external partnerships,” it said.

Commenting on the development, P&G Indian Subcontinent CEO Madhusudan Gopalan said the company is committed to the vision of a self-reliant India.

“In line with our commitment, we are setting up P&G’s ‘India Growth Fund’ to collaborate with partners on building capacities that will further localise the manufacturing of finished products, procurement of raw materials & packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India,” he said.

More than 95 per cent of the products which P&G sells in India are manufactured locally. It also exports finished products manufactured in India to more than 120 countries.

“We are confident that through these partnerships we will be able to create an ecosystem and supplier network that will further enable us to make in India, for India and the world,” Gopalan added.

This new fund is part of P&G India’s ‘vGROW’ programme that focuses on identifying and collaborating with startups, small businesses, individuals or large organisations offering innovative industry-leading solutions.