Indian Tobacco Company (ITC) Limited is gearing up to enter the hill state of Himachal Pradesh with its processing plant for pushing its business of consumer care and food products. With this plant, the company is aiming to increase its sales of ready to eat foods, staples, confectionary and snack food.
The country?s top tobacco firm ITC intends to invest around Rs 400 crore in this project, which is expected to come up in Solan district. The state government has given in-principle approval for the project.
According to sources in industry department of HP government, ITC will identify the land and will be submitting its requirements with the department shortly. Sources also revealed that the projects would be generating employment of around 700 persons
ITC has a diversified presence in cigarettes, hotels, paperboards and specialty Papers, Packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
While ITC is an outstanding market leader in its traditional businesses of cigarettes, hotels, paperboards, packaging and agri-exports, it is rapidly gaining market share even in its nascent businesses of packaged foods & confectionery, branded apparel, personal care and stationery.
Apart from this another firm Lights India Telecom Private Limited promoted by a China based company has also proposed to put a plant for producing high Frequency switching power, repeaters, storage batteries and electric bicycles with the proposed investment of Rs 370 crore in Solan district only.
This project will generate employment for 2,000 persons. HP government has given a green signal to the project and subsequently the firm will be submitting its plan the department soon.
