Heritage Foods signs MoU with 3 PSU Banks

Heritage Foods Limited informed the exchange that it has signed Memorandum of Understanding (MOU) with State Bank of India, Bank of Baroda and Indian Bank to provide dairy loans to farmers through the lenders’ branches across the country.

Lately, Heritage Foods has signed MoU with SBI Maharashtra circle at Baramati to facilitate cattle loans to milk producers. The company has also signed MoU with Indian Bank at Chennai. Heritage Foods Ltd had earlier tied-up with State Bank of Hyderabad in 2011 and Bank of Baroda in 2016 to provide dairy loans to the farmers. This initiative is very unique and helping the farmers to double their income by doubling their cattle count. Heritage Foods is in the business of procurement, processing and sale of milk and milk products. The objective of this collaboration is to help farmers by providing investment credit in agriculture.

Presently, Heritage's milk and milk products have market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Punjab, Madhya Pradesh, Himachal Pradesh, Uttar Pradesh and Uttarakhand. It has total renewable energy generation capacity of 10.39 MW from both Solar and Wind for captive consumption of its dairy factories.

The shares of Heritage foods on Wednesday opened at Rs. 369 against Monday’s close of Rs. 379.75. At closing hours it was trading at Rs. 375, losing 1.25 per cent from its previous close. The stock hit an intraday high of Rs. 385.60 and intraday low was Rs. 365. Its 52-week high was Rs. 586.10 and 52-week low was Rs. 312.25 per share on the BSE.