ITC to raise investment to Rs 1,700 cr in Punjab
FMCG giant ITC has decided to further increase its investment in the integrated food park at Kapurthala to Rs 1,700 crore, the Punjab government said today.
An ITC delegation led by CEO Sanjiv Puri called on Punjab Chief Minister Amarinder Singh here today, an official release said.
Puri informed the chief minister that the company planned to start commercial production from the park from October this year. Besides wheat flour, biscuits and snacks, the project would include manufacture of juices and dairy products.
The ITC delegation further informed the chief minister that the company would be purchasing one million tonnes of wheat, along with one lakh tonnes of potatoes, every year from the state for the food park.
The food park would generate around 5,000 jobs for the people of Punjab, the release said.
The food park, for which the MoU was originally signed in 2013 will mark further expansion in the investments of ITC, which is already running three hotels in the state.
The initial investment planned in the project was Rs 680 crore, which was subsequently, in 2015, enhanced to Rs 1,400 crore, which the company now plans to increase further to Rs 1,700 crore, the release said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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