Dolphin Milk inks pact with ING Vysya Bank

"These borrowers have been supplying milk to Dolphin Milk since the last four five years. So we will recover the amounts from the milk suppliers and repay the entire loan amount to the bank within 12 months," Appa Rao said.

"At present, Dolphin Milk is procuring milk from about 600 villages. In the first phase, the bank has released  a Rs 2-crore loan to the milk suppliers from 200 villages which were identified by the Dolphin Milk management. We will distribute the entire loan amount towards purchase of cattle by January 2005. With this, we expect to procure an additional 10,000-12,000 litres of milk from February," he added.

"Our average milk procurement, which was around 50,000 litres per day last fiscal, reached 60,000 litres this fiscal. Due to the agreement with ING Vysya Bank,  we expect our daily average milk procurement to cross 70,000 litres per day," Appa Rao said.

At present, Dolphin Milk is selling 10,000 litres of milk a day under the 'Dolphin Dairy' brand  and is supplying 20,000 litres and 30,000 litres a day to Vijaya Dairy and Kolkata-base Metro Dairy respectively. The company plans to close the current fiscal with a turnover of Rs 50 crore as compared to Rs 45 crore last fiscal.