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ITC to invest Rs 1,500 cr in food and packaging facilities in Madhya Pradesh
Industry News- Sep 05,23
Spanning across nearly 57 acres of land, these two projects are expected to provide a significant boost to the agricultural and manufacturing sectors within Madhya Pradesh, says company’s statement.
The diversified conglomerate ITC announced its plans to invest approximately Rs 1,500 crore in establishing an integrated food manufacturing and logistics facility, along with a sustainable packaging products manufacturing plant in Sehore, Madhya Pradesh.
Spanning across nearly 57 acres of land, these two projects are expected to provide a significant boost to the agricultural and manufacturing sectors within Madhya Pradesh, according to an official statement from ITC.
The integrated food plant will be responsible for the production of various ITC products, including the popular Aashirvaad atta brand, Sunfeast biscuits, and 'YiPPee!' noodles. On the other hand, the molded fiber products facility will pioneer sustainable packaging solutions, with a focus on reducing plastic use in sectors such as electronics, fast-moving consumer goods (FMCG), and the food and beverage industry.
ITC emphasized its commitment to bolstering the state's manufacturing sector and supporting inclusive agricultural value chains through this investment in the food processing sector at Sehore. The company believes that the food processing sector, situated at the crossroads of agriculture, industry, and services, can play a multifaceted role in enhancing the state's economy by increasing the competitiveness of the food value chain.
Chairman Sanjiv Puri expressed his thoughts on the new investment projects in Sehore, highlighting ITC's comprehensive presence in all three sectors of Madhya Pradesh's economy—agriculture, manufacturing, and services. He stated, "In alignment with our dedication to contribute to the socio-economic development of the state, we are now channelling our investments into two world-class facilities: the Integrated Food Manufacturing and Logistics Facility and the Sustainable Packaging Products Manufacturing Facility in Sehore. This state-of-the-art facility will also set a benchmark in sustainability, with the unit designed to meet IGBC green building Platinum standards."
In addition to these upcoming projects, ITC maintains a significant presence in the state, operating seven co-manufacturing units for foods and agarbatti, actively supporting local entrepreneurship.
Source: Money Control
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