Diversified conglomerate ITC today said it plans to invest Rs 10,000 crore to set up food processing facilities across the country.
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 Sanjiv Puri 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 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 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 spokesman. He further said it is a fast-track investment and around three factories would be ready by January.