INDIA: ITC to open food plant in Punjab
Products sold under ITC's Aashirvaad will be made at the Punjab plant
Indian multi-sector corporation ITC has confirmed to just-food it is planning to open an integrated food and consumer goods manufacturing and logistics facility in the northern state of Punjab.
An ITC spokesperson told just-food the US$113m facility will manufacture "world-class Indian brands" including spices-to-salt brand Aashirvaad, Delishus biscuits and Bingo! chips.
The new plant will further ITC's policy of diversifying from its tobacco base. In 2012, the former Indian Tobacco Company generated only 57% of its revenue from cigarettes.
ITC has signed a memorandum of understanding with the Punjab state government enabling the plant to be set up at an industrial park in Kapurthala, so long as the company builds the plant within three years. It is expected to employ 2,000 people, and boost the income of Punjab's farm sector.
- Rise of prepared foods in US grocers - analysis
- Work on sugar could stir more clean-label concerns
- Hershey results, outlook, M&A - the top takeaways
- Are consumers getting tired of consuming?
- How are brands organising for e-commerce?
- Nestle, R&R Ice Cream finalise joint venture plans
- Fazer buys European biscuit brands from Mondelez
- Mondelez sees stronger margins, LFL growth
- Pinnacle Foods names Mondelez's Mark Clouse CEO
- Kerry foods Q1 volumes lifted by NPD