Finance News
AFC India appoints MM Activ MD Ravindra Boratkar as Addl Director
Ravindra Boratkar, Managing Director of MM Activ Sci-Tech Communications Pvt Ltd; Publisher, MMA publications; and Chairperson, Agrovision Foundation, has been appointed as Additional Director on the Board of Directors of Agriculture Finance Corporation (AFC) India Ltd., formerly known as Agriculture Finance Corpo...Read more
ADAMA expects record-high first quarter sales with 13% projected growth
ADAMA Ltd. has provided an estimate regarding its financial performance for the first quarter of 2021. ADAMA is expecting to report record-high first quarter sales, with estimated top-line growth of more than 13 per cent (6 per cent in RMB terms), driven by continued robust volume growth in almost all key regions....Read more
NCDC secures Rs 600 Cr loan from Deustsche Bank
The National Cooperative Development Corporation (NCDC) has secured Rs 600 crore loan from Deutsche Bank, Germany’s largest bank, for onward lending to cooperatives in the country. An agreement was inked between NCDC and the German Bank in this regard in presence of the Union Agriculture Minister, Narendra S...Read more
AICIL, Gramcover to jointly ensure better insurance penetration in rural India
The Agriculture Insurance Company of India Limited has joined hands with Gramcover, a rural insurtech startup to collectively enhance rural insurance penetration. By utilising the expertise of Gramcover in the rural insurtech space, this partnership aims to target 25 million farmers across the aspirational distric...Read more
Centre provides HURL Rs 813.24 Cr interest free loan for Gorakhpur, Sindri and Barauni projects
Union Minister for Chemicals and Fertilizers D. V. Sadananda Gowda has handed over the cheque of Rs. 813.24 crores out of total amount of Rs. 1257.82 crore to MD, HURL in respect of Interest Free Loan to Hindustan Urvarak & Rasayan Ltd (HURL) for the revival of Gorakhpur, Sindri & Barauni projects. HURL op...Read more
NIFA invests $15.5M to retain America's cutting edge position in food and agricultural production
The U.S. Department of Agriculture’s National Institute of Food and Agriculture (NIFA) invested a total of $15M in two key programs awarded through its Agriculture and Food Research Initiative (AFRI) Food and Agriculture Cyberinformatics and Tools (FACT). NIFA awarded 18 Food and Agriculture Cyberinformatics...Read more
Parag Milk Foods to set major fundraise in motion with Sixth Sense Ventures, World Bank’s IFC
Parag Milk Foods has announced that it plans to raise a total of Rs 316 crore by preferential allotment of equity shares, foreign currency convertible bonds (FCCBs) and other instruments from IFC and Sixth Sense Venture Advisors and promoters. IFC and Sixth Sense Venture Advisors will invest Rs 155 crore and Rs 50...Read more
Sonalika continues domestic growth streak with 41.6% rise in FY’21
After consistently achieving records of excellence month after month in FY’21, Sonalika Tractors has recorded its highest-ever annual sales of 1, 39,526 tractors in FY’21 and among the leading market share gainers in the industry. The company has registered a phenomenal domestic growth rate of 41.6 per...Read more
ADAMA Ltd records robust Q4 FY2020 growth
ADAMA Ltd. has reported its financial results for the fourth quarter and the full-year period ended December 31, 2020. Commenting on the results, Erik Fyrwald, Chairman of ADAMA's Board of Directors, said, "ADAMA ended 2020 on an extremely strong note, delivering a record fourth quarter, driving growth over the fu...Read more
Silk supply chain platform ReshaMandi raises $1.7Mn in seed funding
ReshaMandi, an agritech startup digitizing India’s silk supply chain, announced today that it has raised USD 1.7 million (INR 12.25 crore) in seed funding. The round was led by Omnivore and Strive Ventures with participation from Axilor Ventures and Supply Chain Labs (Lumis). ReshaMandi is building a f...Read more
Aquaconnect, Alliance Insurance Brokers jointly launches an insurance program for shrimp farmers
The aquaculture tech pioneer ‘Aquaconnect’ has partnered with India’s leading insurance service providers ‘Alliance Insurance Brokers’ for an insurance program for shrimp farmers. After loan benefit, this is the next step towards the company's vision to strengthe...Read more
Agri-food industry contributes over US$717 Bn to Southeast Asian economy: Oxford Economics
Southeast Asia’s agri-food remains critical to the region’s economy and plays a pivotal role in its future economic development, having demonstrated its resilience in challenging circumstances in 2020. The sector can be a key driver of the region’s economic recovery, but sup...Read more
