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AGRICULTURAL COMMERCIALIZATION & ENTERPRISE TITLE III PROGRAMME

The “Agricultural Commercialization and Enterprise (ACE) Title III programme" facilitates investment environment for private agribusinesses in horticultural sector. ACE Title III programme activities focuses primarily on promoting agribusiness innovations and diversity by linking technology and labour requirements, reduction of post-harvest losses and encouraging projects that are highly visible and replicable. The activities covered under ACE Title III programme are:

  • Fresh and processed fruits & vegetables
  • Spices, herbs/medicinal plants
  • Hybrid seeds, tissue culture
  • Sericulture
  • Poultry
  • Dairy / Milk processing

ACE Title III programme encourages innovative projects relating to post-farm sub-sectors of horticulture including post-harvest handling, transport, packing, establishment of cold storage chains, mobile pre-cooling and processing, marketing, integrated facilities for growing high value and low gestation horticulture products and mushrooms.

Eligible Organizations

Private limited companies and select co-operatives would be eligible to receive assistance under ACE Title III programme. Those projects capable of providing demonstrative effect in the sector / area would be preferred.

Main Terms of Assistance:

RUPEE TERM LOAN* UNDER ACE TITLE III PROGRAMME
ParametersDetails
Facility Rupee Term Loan
Interest Rate At or above WPI based inflation rate
Repayment Period As per the requirements of the project or up to a maximum period of 7 years inclusive of a suitable moratorium period.
Security By way of Hypothecation / Mortgage of Movable and Immovable Assets and any other security as may be required.
Promoter's Contribution At least 25% of the project cost by way of fresh equity/cash accruals
ACE Title III programme Assistance Up to 50% of the project cost subject to a maximum of Rs. 50.0 million
Assistance from other institutions/banks/others Balance 25% by way of fresh equity from promoters/ VC funding/ subsidy from any Govt. agency
Debt to Equity Ratio (for project) Maximum 2:1
Fixed Asset coverage ratio Minimum 1.5
Eligible Expenditure Expenditure would include plant & machinery, factory buildings and miscellaneous fixed assets.

 

* Subject to assessment of viability

Documentation (Indicative List):

Before the assistance is sanctioned, the proposed borrower will provide the following documents to ICICI Bank:

  • Memorandum & Articlesn of Association
  • Audited annual reports for last three years
  • Detailed Project Report (DPR)


After the assistance is sanctioned, the borrower will execute the following documents:

  • Board Resolutions for Private Ltd. companies
  • Rupee Term Loan Agreement
  • Deed of Hypothecation for movable assets
  • Mortgage documents for immovable assets
  • Personal Guarantee of promoters/ Corporate Guarantee from parent company
  • Undertaking(s)
  • Any other document required by ICICI Bank

AGRICULTURAL COMMERCIALIZATION & ENTERPRISE(ACE) TITLE III PROGRAMME

Detailed Project Report (DPR) is required containing following minimum information:

  1. Name and Address of the Company
  2. Brief History and Other Particulars about the Company, Promoters and their Agribusiness Experience together with the Latest Audited Annual Accounts
  3. Management Set-up with Brief Bio-data of Key Persons
  4. Brief Description about the Project
  5. Location of the Project indicating specific advantages
  6. The Products to be handled and Capacities Proposed
  7. Raw Material Availability Procurement System and Price Pattern
  8. Details about Technology to be used with Innovative Content, if any and likely suppliers
  9. Likely suppliers of Equipment (indigenous/foreign)
  10. Target Market for the product with Demand and Supply Position and Export Potential of the products. Also indicative Distribution System as at present.
  11. Prevailing Government Policies regarding Horticultural Produce and Processed Products. Also Present Structure of Levies and Taxes.
  12. Economic Justification for Taking up the Project such as Value Addition, Employment, Foreign Exchange Earnings, etc
  13. Cost of the Project/requirement of Working Capital
  14. Proposed Means of Financing including Contribution from the Promoters and their Resources
  15. Schedule for the Implementation of the Project
  16. Projected Profitability, Cash Flow and Balance Sheets for the next 5-7 years along with assumptions such as Capacity Utilization and Prices of Finished Products
  17. Brief on the Facilities currently availed of from banks

For any queries, please write to tfg@icicibank.com.