Economic Times: May, 2016
Guntur: After years of strong presence in Andhra Pradesh in the areas of tobacco and paper, FMCG giant ITCBSE -1.25 % now plans to make significant investment in the state's Guntur region for both agri-business and hospitality, involving hundreds of crores.
Chairman YS Deveshwar said the conglomerate was looking at investment for the production of millets, chillies, spices and shrimps, as well as setting up of cold chain facilities and an agricultural research centre. The group was also considering setting up a five-star hotel, ITC Grand Chola, in Andhra's upcoming capital city, Amaravati.
Deveshwar was in Guntur on Friday to lay the foundation stone for the group's 'My Fortune' hotel. Spread over 1.44 acres, the hotel project would be completed by 2019.
ITC, which plans to make Guntur its hub for agri-business involving crop production, development research and food safety areas, would also build its office and residential complex here. The group will take up research in this complex "to see that our agri commodities are added value to", he said.