Indian Tobacco Company (ITC) Limited is gearing up to enter Himachal Pradesh (HP) with its processing plant to push 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 Himachal government has given in-principle approval for the project. According to sources in the industry department of the Himachal government, ITC will identify the land and will be submitting its requirements with the department shortly. Sources also added 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 people.
The HP government has given green signal to the project. Subsequently, the firm will be submitting its plan the department soon.