Hyderabad: Heritage inks pact with multiple banks

Hyderabad: City-based Heritage Foods Limited, a leading dairy player, on Wednesday said it signed a Memorandum of Understanding (MoU) with State Bank of India, Bank of Baroda and Indian Bank. Under this pact, farmers will get access to dairy loans through the lender's branches across the country.

Heritage Foods said the objective of this collaboration is to help farmers by providing investment credit in agriculture. The company had earlier tied-up with State Bank of Hyderabad in 2011 and Bank of Baroda in 2016 to provide dairy loans to the farmers. The dairy brand said this initiative is supporting the farmers to double their income by doubling their cattle count. Brahmani Nara, Executive Director, Heritage Foods, said: "We ensure procurement of entire milk produced under this financing facility, which ensures regular income for farmers and gives these banks the assurance to fund farmers."

Recently, Heritage Foods had entered an agreement with SBI Maharashtra Circle at Baramati to facilitate cattle loans to milk producers. Also, the company has signed a MoU with Indian Bank at Chennai. "In this of funding process the income of farmers will be doubled, and they can also increase the cattle strength in future once they establish good repayment track record with banks," the company said.

Heritage Foods is into the business of procurement, processing and sale of milk and milk products.