NEW DELHI: Procter & Gamble (P&G) plans to set up a Rs 400-crore India Growth Fund to collaborate with existing and new suppliers to build capacities that will further localise manufacturing of finished products, procurement of raw materials and packaging materials, and adopt go-to-market innovations and technology.
The new fund is part of P&G India’s ‘vGROW’ programme that focuses on identifying and collaborating with startups, small businesses, individuals or large organisations offering solutions for the fast-moving consumer goods industry, P&G said.
More than 95 per cent of the products the company sells in India are manufactured locally. It also exports finished products manufactured in India to more than 120 countries.Through the fund, the company will further promote localised manufacturing and sourcing of goods in the country.
This is in line with the government’s vision of a self-reliant India and P&G’s commitment to drive inclusive growth in India through external partnerships, the company said in a statement.
“P&G has been making in India for decades and we are committed to the vision of a self-reliant India. In line with our commitment, we are setting-up P&G’s ‘India Growth Fund’ to collaborate with partners
on building capacities,” said Madhusudan Gopalan, CEO, P&G Indian Subcontinent.
The company had launched vGROW three years ago with a vision to create an active partnership platform for suppliers across the country. In the first two years, P&G also set up the ‘Innovation Fund’ and ‘Sustainability Fund’ through which it has invested more than Rs 250 crore.