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Wednesday, Aug 30, 2006

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SBI, VRS Foods sign pact

Our Bureau

New Delhi , Aug 29

State Bank of India and VRS Foods Ltd and Ved Ram & Sons with their brand name as `Paras' have entered into an agreement to finance farmers to set up dairy units and its entire value chain. This agreement is expected to help increase milk production in northern India.

Two separate memorandums of understandings (MoUs) in this regard were signed in the Capital by Mr B.K. Gairola, Chief General Manager, SBI, Delhi Circle, and the VRS Food Director, Mr Rajendra Singh,

and Mr Gajendra Singh, Ms Nilam and Mr Rajendra Singh, Karta, Ved Ram & Sons HUF, and all partners.

The MoUs provide a broad understanding between SBI and VRS Foods Ltd and Ved Ram & Sons to finance farmers for setting up dairy units and its entire value chain such as transportation, pick-up van, intermediary services such as chilling plants, setting up of veterinary hospitals and milk vendors, etc in western Uttar Pradesh and Rajasthan.

SBI's total exposure would approximately be Rs 15 crore.

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