Consumer goods conglomerate ITC will be setting up eight new integrated food processing units by 2019, with investments in excess of Rs 4,000 crore.
The planned investments are a part of its long-term plan to invest Rs 25,000 crore, a majority of which will be allocated towards its food business, V L Rajesh, divisional chief executive, ITC Ltd said. The company which sells cigarettes and owns luxury hotels, besides doing business in a number of other sectors, has already acquired land for the proposed plants in West Bengal, Assam, Karnataka, Tamil Nadu and Maharashtra. An integrated plan at Kapurthala in Punjab, which currently produces atta (flour) and fruit juice, has been set up with investments to the tune of Rs 1,400 crore. According to Rajesh, ITC’s interest in the packaged food business is because of the fact that the food-processing business has huge potentials in India.