Multinational consumer goods corporation, Procter and Gamble (P&G), on Thursday, October 29, announced the establishment of the 'India Growth Fund' under the union government's vision of an Atmanirbhar Bharat.
With a massive investment of ₹400 crores, this fund would reportedly be utilised to collaborate with local suppliers of raw materials, finished goods and packaging materials, services, and go-to-market innovations.
A part of P&G India's 'vGROW' initiative, the fund would be primarily aimed at identifying and partnering with startups, small businesses, individuals in the commercial sector, and larger organisations to offer solutions pertaining to the fast-moving consumer goods industry.
"P&G has been making in India for decades and we are committed to the vision of a self-reliant India. More than 95% of the products we sell in India are manufactured locally. We also export finished products manufactured in India to more than 120 countries.
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 manufacturing of finished products, procurement of raw materials and packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India," said Madhusudan Gopalan, CEO, P&G Indian subcontinent, as reported by Livemint.
The company, in its press release, reiterated that with the setting up of the fund, the company has planned to promote localised manufacturing and distribution of the goods. Last year, it had announced putting together a ₹200 crore environmental sustainability fund offering sustainable solutions, such as plastic-free packaging and environment-friendly logistics services, in partnership with Indian businesses.