"For integrated food processing park, we had committed Rs. 700 crore. But after having gone back from here, we soon came to the conclusion that Rs. 700 crore was not enough to make investment in the food bowl of India. So, we upped the investment to INR 1,400 crore," ITC Chairman said in a statement.
The FMCG giant is also interested in sourcing Kinnow fruit from Punjab for making juice at its facility in the state, Deveshwar said at the second Progressive Punjab Investors Summit.
"For integrated food processing park, we had committed INR 700 crore. But after having gone back from here, we soon came to the conclusion that Rs. 700 crore was not enough to make investment in the food bowl of India. So, we upped the investment to INR 1,400 crore," ITC Chairman said in a statement.
ITC, which is coming up with its integrated food processing park at Kapurthala, will also increase area for its upcoming manufacturing facility.
"I am happy to inform that construction is on at 40 acres of land (in Kapurthala)," he said, adding that the facility's acreage would be increased to 71 acres.
Deveshwar said that ITC is already engaged in seed potato business, agro forestry and wheat buying in Punjab besides procuring clothing from the state's Wills Lifestyle stores.
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