ITC To Invest INR 1500 Crore To Set Up Food Manufacturing And Packaging Plants The company said that the two projects will be spread over an area of nearly 57 acres and will give a boost to agricultural and manufacturing sectors in the state
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Indian conglomerate ITC, on Sunday, announced that it will invest INR 1,500 crore in Madhya Pradesh to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore. According to a PTI report, the company said that the two projects will be spread over an area of nearly 57 acres and will give a boost to agricultural and manufacturing sectors in the state.
In an official statement, the company further noted, "The two projects, when complete, would entail a total investment outlay of INR 1,500 crore which will support livelihoods across sustainable value chains."
"Today, Bhumi Pujan has been done for two factories in Badiyakhedi. An investment of about INR 1,500 crores is going to happen here, due to which our 5 thousand children will get employment," said Shivraj Singh Chouhan, chief minister.
ITC's food plant will manufacture products for atta brand Aashirvaad, Sunfeast biscuits, and YiPPee noodles. The moulded fibre products facility, on the other hand, is expected to be a pioneer in sustainable packaging and contribute to plastic substitution in areas such as packaging for electronic items, FMCG and the food and beverage sector.
As per the company, the facility at Sehore is poised to add value to the state's manufacturing sector and support inclusive agri-value chains. "ITC believes that the food processing sector, being at the intersection of agriculture, industry and services, can make a multi-dimensional contribution to the state's economy by enhancing the competitiveness of the food value chain," it said.
"In line with our commitment to contribute to the socio-economic development of the state, we are now investing in two world-class facilities including the Integrated Food Manufacturing and Logistics Facility and the Sustainable Packaging Products Manufacturing Facility at Sehore. This state-of-art facility will also be a landmark in sustainability with the unit being designed to IGBC green building Platinum standards," Sanjiv Puri, chairman, ITC.