Indian conglomerate ITC Limited said it will invest Rs 1,500 crore or $181 million in Madhya Pradesh (MP). According to the company, the investment will be used to set up an integrated food manufacturing and logistics unit and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh.
ITC said both projects will spread over an area of nearly 57 acres, which will boost agricultural and manufacturing sectors in the state.
The food plant will manufacture ITC's products, including the atta brand Aashirvaad, Sunfeast biscuits, and 'YiPPee!' noodles. Meanwhile, the moulded fibre products facility will pioneer sustainable packaging, contributing to plastic substitution in areas such as packaging for electronic items, FMCG, and the food and beverage sector.
The company said investing in the food processing sector through the facility will enhance the state's manufacturing sector and foster 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," the company said.
ITC Chairman Sanjiv Puri said over the years, the company has expanded its footprint in Madhya Pradesh across economy agriculture, manufacturing and services.
According to Chief Minister (CM) Shivraj Singh Chauhan, The investment would provide job opportunities to 5,000 people.
आज बड़ियाखेड़ी में दो फैक्ट्रियों का भूमिपूजन हुआ है। लगभग ₹1500 करोड़ का निवेश यहाँ होने वाला है, जिससे हमारे 5 हजार बच्चों को रोजगार मिल सकेगा। pic.twitter.com/zOKMTvrTTI— Shivraj Singh Chouhan (@ChouhanShivraj) September 3, 2023
($1 = INR 82.76)