ITC to invest Rs.8,000 crore in Telangana

Multi-business conglomerate ITC Limited on Friday announced it would invest Rs.8,000 crore in Telangana.

ITC chairman Y.C. Deveshwar said the company would set up a world-class food processing unit in Medak district with an investment of Rs.800 crore and also build its second five-star hotel in Hyderabad with an investment of Rs.1,000 crore.

This will be in addition to the ongoing investment in the ITC paperboard plant at Bhadrachalam in Khammam district.

He made the announcement at a ceremony organised by the Telangana government to unveil its industrial policy.

Deveshwar later told reporters that half of the investment would go into expansion of the paper plant.

ITC's largest paperboard manufacturing plant at Bhadrachalam makes 500,000 tonnes of paper per annum and the company plans to make it internationally competitive by doubling the production.

The plant also has 200,000 hectares social farm forestry.

Deveshwar said ITC operates 13 businesses out of Telangana while two divisions - paperboard and agri-business - are headquartered in the state.