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ITC to invest $75 mn in food processing unit

ITC to invest $75 mn in food processing unit
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First Published: Tue, Apr 15 2008. 02 38 PM IST
Updated: Tue, Apr 15 2008. 02 38 PM IST
Reuters
Kolkata: India’s top tobacco firm ITC Ltd plans to invest $75 million to build a new food processing plant in eastern India, an ITC spokesman said on Tuesday.
Nazeeb Arif, vice president of corporate communications, said the food processing unit would help the Kolkata-based company expand its snack foods business in the eastern region.
“ITC plans to invest about Rs3 billion for an integrated food processing unit in east India,” he said on the sidelines of an industry conference.
“We are in an advanced stage of negotiation to get around 40 acres of land for the unit in West Bengal,” he said, adding the company hoped to get the land soon.
ITC is expanding its portfolio of foods which includes biscuits, salty snacks and ready-to-eat foods, as it cuts its dependence on cigarettes. Rising incomes and the expansion of modern trade are expected to encourage demand for packed foods.
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First Published: Tue, Apr 15 2008. 02 38 PM IST