ITC plans to set up 2 food factories in Tamil Nadu
- Livemint" target="_blank">Livemint
- April 24, 2015
Kolkata: ITC Ltd is planning to set up two food product factories in Tamil Nadu at an investment of at least Rs.400 crore, a Tamil Nadu government official said on Thursday.
The company is likely to start production at these units—each occupying at least 25 acres—within three years, according to C.V. Sankar, additional chief secretary of Tamil Nadu, who also heads the state’s industries department.
“In line with ITC’s commitment to expand its contribution to the Indian economy, we are investing in several projects…in different states including Tamil Nadu,” a spokesperson for ITC said in a statement.
According to a recent report by Edelweiss Securities Ltd, ITC is fast expanding its foods business, which clocked Rs.5,700 crore in revenue in fiscal 2013-14.
The company has successfully positioned its food brands such as Yippee and Ashirvad in the Indian market and was geared to launch dairy business by May, the brokerage said, adding that ITC was looking to enter tea and coffee businesses as well.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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