Indian tobacco group ITC plans to invest US$75m in the construction of a new food processing plant in eastern India.

ITC is one of India’s foremost private sector companies with a market capitalisation of over US$15bn and a turnover of $4.75bn. The tobacco group said it expects to reduce its dependence on cigarette brands by increasing its presence in the food sector.
According to Nazeeb Arif, VP corporate communications at ITC, the food processing unit would help ITC expand its snack foods presence in the region.

“ITC plans to invest about US$75m for an integrated food processing unit in east India; we are in negotiations for around 40 acres of land for the unit in West Bengal,” Arif said.