Consumer goods conglomerate ITC will be setting up eight new integrated food processing units by 2019, with investments in excess of Rs 4,000 crore. The planned investments are a part of its long-term plan to invest Rs 25,000 crore, majority of which will be allocated towards its food business, V L Rajesh, divisional chief executive, ITC Ltd said.
The fast moving consumer goods (FMCG) major has already acquired land for the proposed plants in states like West Bengal, Assam, Karnataka, Tamil Nadu and Maharashtra. An integrated plan at Kapurthala in Punjab, which currently produces various items like Atta and fruit juice, has been set up with Rs 1,400 crore of investment.