The MoU outlines a collaborative effort between Pegasus Capital Advisors, a global private market impact investment fund, and the Government of Maharashtra to explore and develop food processing units in the state of Maharashtra and the UAE.
Greenwich, Connecticut, United States; Dubai, United Arab Emirates: The Government of Maharashtra and Pegasus Capital Advisors have entered into a Memorandum of Understanding (MoU) aimed at exploring the potential of maximizing opportunities in the food security and food processing sectors in Maharashtra. This agreement was formalized during the Government of Maharashtra’s participation at the World Economic Forum 2024.
The MoU outlines a collaborative effort between Pegasus Capital Advisors, a global private market impact investment fund, and the Government of Maharashtra to explore and develop food processing units in the state of Maharashtra and the UAE. The Government of Maharashtra will share an operational plan within 90 days, detailing the opportunities for collaboration and identifying trusted partners and entities.
Maharashtra, with its robust agriculture sector and logistical capabilities, is well-positioned to address the GCC’s food security needs, and this collaboration with Pegasus Capital Advisors aligns with the government’s vision to empower 11 million farmers in the state.
Craig Cogut, Founder, Chairman, and CEO at Pegasus Capital Advisors, expressed enthusiasm about the partnership, stating, “We are eager to contribute to the vision of creating a sustainable food processing economy and empowering millions of farmers in Maharashtra. This partnership is important to building a resilient and integrated food supply chain and strengthening natural farming practices.”
The Government of Maharashtra’s ambitious initiative focuses on addressing the UAE’s and GCC’s immediate food basket requirements, promoting increased production capacity, and supporting the development of the food processing sector.
The comprehensive plan encompasses key aspects designed to bring about transformative changes in the food security and food processing sectors. First, it prioritizes the empowerment of Maharashtra’s 11 million farmers, facilitating their access to markets and cutting-edge agricultural technology through strategic partnerships. Secondly, the initiative positions Maharashtra as a long-term supplier of essential food items such as millet, soybean, wheat, and sugarcane, effectively meeting the pressing food security needs of the UAE.
The third focal point involves the establishment of state-of-the-art food processing units in both Maharashtra and the UAE, promising the creation of skilled employment opportunities and a significant economic boost for both regions. Lastly, by leveraging the UAE as a pivotal export hub, the collaboration seeks to penetrate new markets in the GCC, Central Asia, and Africa, establishing a robust and diversified food supply chain.
These key aspects collectively underscore a holistic approach that addresses immediate food security concerns and fosters economic growth, technological advancement, and international trade.
The collaborative effort seeks to achieve positive economic, social, environmental, and health impacts for the UAE and India. Notable outcomes include empowering farmers, boosting the Indian economy through exports, building food processing infrastructure in the UAE, and promoting the “Make in India” and “Made in UAE” visions.
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