January 2, 2020

Indian poultry company sets aside US$28 million venture fund for agripreneurs


Chhattisgarh-based poultry company IB Group said it has set aside a capital fund of ₹200-crore (~US$28 million; ₹1 = US$0.014) for equity investments in agriculture and poultry-based start-ups in the country, The Hindu BusinessLine reported.


The company said it will provide three-year, 25% loan-free investment and also will give free farm management training to investors of the scheme, Parivartan Gen Nxt. IB Group has promised return on investments to its investors in four years.


The scheme would create 25,000 direct employment opportunities.


"Through our investment scheme, younger generations will get an exciting entrepreneurship path, which they were earlier exploring in various employment opportunities. We will create an entrepreneurial environment for Indian agriprenuers by providing them modern technology used in the US and Europe in India itself," said Bahadur Ali, managing director, IB Group.


The company said Indian poultry is one of the fastest-growing agriculture sectors in the country. While crop production has been growing at a yearly rate of 1.5-2%, egg and broiler production has been rising at 8-10%, making India the world's fifth-largest egg producer.