Nestlé to invest ₹894 cr in new Odisha unit

1 min read 15 Jul 2023, 01:35 AM IST Join us

Suneera Tandon

The announcement aligns with the firm’s plans to allocate ₹5,000 crore for constructing research centres and factories by 2025.

Nestlé India set up its first manufacturing facility at Moga (Punjab) in 1961 (iStock Unreleased)

New Delhi: Packaged foods company Nestlé India has received an in-principal approval from the Industrial Promotion and Investment Corp of Odisha Ltd (IPICOL) to establish a food processing unit in Mundaamba for ₹894.10 crore,the company informed the stock exchanges on Friday.

“This is to inform you that the company received a letter on 13 July from IPICOL informing that the State Level Single Window Clearance Authority in its meeting on 10 July has approved in-principle a proposal for setting up a food processing facility at Mundaamba, Block-Jankia, in the district of Khordha with an investment of about ₹894.10 crore, subject to fulfilment of the conditions by the firm." The proposed will be Nestlé’s tenth manufacturing facility in India.

The announcement aligns with the firm’s plans to allocate ₹5,000 crore for constructing research centres and factories by 2025.

“The investment, the capex, that’s us putting money into our facilities, be it factories or research centres. On top of it, if we see interesting opportunities for mergers and acquisitions, we will be very, very happy to explore those," Nestlé’s global chief executive Mark Schneider said in an interview in 2022. “If you look at the investment in this country and the plans through 2025, we’re talking about ₹5,000 crore. It compares to around ₹8,000 crore over the last 60 years, when we started manufacturing in India," he had said.

Nestlé India set up its first manufacturing facility at Moga (Punjab) in 1961 followed by its manufacturing units at Choladi (Tamil Nadu) in 1967; Nanjangud in Karnataka in 1989; Samalkha in Haryana in 1992; Ponda and Bicholim (Goa), in 1995 and 1997, respectively; and Pantnagar (Uttarakhand), in 2006. In 2012, it had set up its 8th manufacturing facility at Tahliwal in Himachal Pradesh, and in 2021, it set up its 9th factory in India in Sanand, Gujarat. It sells noodles, dairy, beverages, chocolates, cereals in India. In 2022, it recorded revenues of ₹16,997.96 crore.

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ABOUT THE AUTHOR

Suneera Tandon

Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.