You are here: Home » Companies » News
Business Standard

ITC to invest Rs 10,000 cr in food processing units: Sanjiv Puri

he Kolkata-based company is looking to have 20 such units in pan India

Sanjiv Puri

Press Trust of India  |  New Delhi 

ITC CEO Sanjiv Puri
ITC CEO Sanjiv Puri

Diversified conglomerate ITC today said it plans to invest Rs 10,000 crore to set up food processing facilities across the country.

The Kolkata-based company is looking to have around 20 such units pan India.

"I am happy to say we are going to invest over Rs 10,000 crore in setting up food processing facilities on a pan India basis," ITC CEO said here.

He was speaking at World Food India event. He said ITC over the past 2-3 years has already set up few such facilities.

"Several such facilities have already been set up over the past 2-3 years and we hope to have pan India presence with about 20 more," Puri said.

Besides, the company would invest in the agriculture sector to empower around four million farmers.

"Our aspiration is to take this number to 10 million farmers by 2019," Puri said.

ITC is investing heavily in both agriculture and food segments as it sees huge potential in these two sectors.

The company had earlier announced an investment of Rs 25,000 crore to enhance physical infrastructure and manufacturing capabilities.

"It (Rs 10,000 cr) is a part of Rs 25,000 crore capex. This amount would be spent on more than 20 integrated manufacturing units for food processing," said an ITC spokesperson.

He further said it is a fast-track investment and around three factories would be ready by January.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 03 2017. 17:10 IST