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.
ITC is expected to engage in extensive cuisine diversification as it looks to open new outlets during the forecast period. With different Asian restaurant brands such as Bukhara Peshawri, Dum Pukht an...
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