Hi, NewsWrap for July 20, 2022

20-July-2022: Amul News, Veg Route, APEDA, Shaka Harry, Mahindra & Mahindra News

20 July 2022

Amul records group turnover of ₹61,000 crore

Dairy major and Amul marketer, Gujarat Cooperative Milk Marketing Federation (GCMMF), reported group turnover of ₹61,000 crore for the current fiscal year Amul milk cooperative movement is celebrating its 75th anniversary. The dairy major is currently ranked as the eighth largest dairy organization in the world. Amul, added another ₹8,000 crore to its group turnover in current session which is growing at 18.46 per cent faster than its 12-year compounded average growth rate of 16 per cent.
Veg Route raises 1.1 million dollars in seed funding

Chennai based agri tech start-up Veg Route has raised 1.1 million dollars in seed funding which was led by VGROW Ventures, VGROW is an US-based venture capital firmon the other hand Veg Route said that they will use the new funds to enhance tech and data-driven solutions for strengthening and revolutionising the fresh produce supply chain and they will also plans to establish cold stored warehouses and will invest in e-vehicles for last mile delivery operations besides extending support to farmers by establishing collection centers in smaller towns and villages of South India.
Plant based meat brand Shaka Harry brand raises 2 million dollars

Liberate Foods Pvt Ltd, which sells plant-based protein products under Shaka Harry brand has received 2 million dollars in seed funding from Better Bite Ventures, which is named as Blue Horizon and venture debt fund Panthera Peak. Shaka Harry has an assortment of plant-based ‘ready-to-eat’ meal and snacks for customers looking to substitute or supplement their meat intake with plant-based food.
APEDA sets up regulations for vegan product

As awareness and the demand for plant-based meat alternatives picks up, the Agricultural Produce Exports Development Authority (APEDA) has set up a committee to form regulations and standards for manufacturing of vegan products to tap the export market on this note VK Vidyarthi, General Manager, APEDA, said a committee comprising of scientists, exporters and experts among others has been set up, which is likely to submit its report by the end of the year.
America Announces $100mn Initiative for Ukrainian Farmers to Strengthen Agricultural Exports

The United States announced a $100 million comprehensive support program for farmers affected by Russia's brutal war in Ukraine. The funding will be disbursed by the US Agency for International Development (USAID) to Ukraine in order to maintain future harvests and mitigate looming threats to global food security that have escalated during the exasperating 145-day running war. The assistance is expected to boost Ukrainian agricultural exports, according to a statement from USAID.
M&M Increases Stake in Combine Harvester Maker Sampo Rosenlew Oy to 100%

Mahindra & Mahindra on Monday announced that it has increased its stake in its Finland-based arm Sampo Rosenlew Oy to 100% through the acquisition of residual shares for more than Rs 35 crore. In December 2020, the company increased its stake in Sampo Rosenlew Oy to 79.13 percent by purchasing an additional 1,050 shares for Rs 31.15 crore. M&M said in a regulatory filing on Monday that it executed an option exercise share purchase agreement to acquire 1,317 equity shares of Sampo Rosenlew Oy, pursuant to the exercise of a call option on Sampo's other shareholder.