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P&G announces Rs 400 crore fund for self-reliant India

P&G will partner with suppliers in India to further localise manufacturing of finished products an

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MUMBAI: Procter & Gamble (P&G) has announced 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 & packaging materials, and adopt go-to-market innovations & technology.

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. This new fund is part of P&G India’s ‘vGROW’ program that focuses on identifying and collaborating with start-ups, small businesses, individuals or large organisations offering innovative industry-leading solutions.

With this announcement, P&G also launched the third edition of ‘P&G vGROW External Business Partner Summit,’ on October 29-30, 2020, that offers a platform to existing and new suppliers to pitch their solutions to P&Gs leadership team. This year, in addition to localisation solutions, the summit will also focus on identifying solutions that revolutionise go-to-market capabilities, optimise inventory and expand consumer reach of P&G brands.

P&G Indian subcontinent CEO Madhusudan Gopalan said, “P&G has been making in India for decades and we are committed to the vision of a self-reliant India. More than 95 per cent of the products we sell in India are manufactured locally. We also export finished products manufactured in India to more than 120 countries. In line with our commitment, we are setting-up P&G’s ‘India Growth Fund’. We are confident that through these partnerships we will be able to create an eco-system and supplier network that will further enable us to make in India, for India and the world.”

Madhusudan further added, “Three years ago, we launched our vGROW program with a vision to create an active partnership platform for suppliers across India. In the first two years we also set-up the ‘Innovation Fund’ and ‘Sustainability Fund’ through which we have invested more than Rs 250 crore in forging partnerships on new-age, innovative and sustainable solutions for the business. We strongly believe that these efforts have created value for our consumers, partners, and the company.”

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