ITC to invest Rs 1,500 crore in Madhya Pradesh; set up food and packaging facilities 

Indian conglomerate ITC said on Sunday that it will invest Rs 1,500 crore in Madhya Pradesh to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore. The company stated that the two projects will be spread over an area of nearly 57 acres and will give a boost to agricultural and manufacturing sectors in the state.

"The two projects, when complete, would entail a total investment outlay of Rs 1,500 crores which will support livelihoods across sustainable value chains," it said.

Chief Minister Shivraj Singh Chouhan, while announcing the projects said, “Today, Bhumi Pujan has been done for two factories in Badiyakhedi. An investment of about Rs 1,500 crores is going to happen here, due to which our 5 thousand children will get employment.” Badiyakhedi is in Sehore district.

“One of the things that has been running in my mind is that everything that we are producing should enable our farmers to earn the rightful price here itself, and the other thing is that our children should get employment here. There are limitations to farming…our children should get permanent jobs, which is why there should be avenues other than farming. The Madhya Pradesh government is trying its best to bring in investments,” he said in the foundation laying event.

ITC’s food plant will manufacture products for atta brand Aashirvaad, Sunfeast biscuits, and YiPPee noodles. The moulded fibre products facility, on the other hand, is expected to be a pioneer in sustainable packaging and contribute to plastic substitution in areas such as packaging for electronic items, FMCG and the food and beverage sector.

The company stated that the facility at Sehore is poised to add value to the state’s manufacturing sector and support inclusive agri-value chains. "ITC believes that the food processing sector, being at the intersection of agriculture, industry and services, can make a multi-dimensional contribution to the state's economy by enhancing the competitiveness of the food value chain," it said.

ITC Chairman Sanjiv Puri said, “In line with our commitment to contribute to the socio-economic development of the state, we are now investing in two world-class facilities including the Integrated Food Manufacturing and Logistics Facility and the Sustainable Packaging Products Manufacturing Facility at Sehore. This state-of-art facility will also be a landmark in sustainability with the unit being designed to IGBC green building Platinum standards," he said.

ITC already has a significant presence in the state with co-manufacturing units for foods and agarbattis.

Meanwhile, shares of ITC were trading in the red on Monday morning. The stock was down 0.19 per cent to trade at Rs 440.50 against a previous close of Rs 441.25. Turnover on the counter came at Rs 2.04 crore, commanding a market capitalisation (m-cap) of Rs 5,50,401.11 crore.

(With PTI inputs)

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