Mega Food Parks | ||||||
During Eleventh Plan, Government approved taking up of 30 Mega Food Parks Projects in the country. All the 30 Mega Food Park projects have been approved by the Ministry of Food Processing Industries from the eligible proposals received against Expression of Interest for selection of projects.
The experience of the implementation of the scheme revealed that the following are the main issues being faced during implementation by the Mega Food Parks projects:
i. Acquiring of minimum 50 acre land with Change of Land Use for the project and obtaining State Government permission for subleasing the plots.
ii. Obtaining sanction of the term loan from the banks to fund the implementation of the project.
iii. Delays in getting necessary State Government statutory and other clearances.
iv. Public Sector Undertakings (PSUs) in the SPVs being unable to take a lead role in execution of the project due to private character of the SPV and capping of the participation of PSUs at 26% of the total equity.
v. Difficulty in finding participation of Food Processor in SPV with minimum of 26% equity with net worth of Rs. 10 crore.
vi. Lack of cohesiveness amongst the promoters in some of the projects leading to legal disputes and delay in contribution of equity in the SPV.
In the North Eastern Region, total three Mega Food Park projects have been approved by the Ministry during eleventh Plan in the States of Assam, Tripura and Sikkim.
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23 July 2014
MEGA FOOD PARK
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