Diversified group ITC on Sunday said it will invest around Rs 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh.
The two projects spread over an area of nearly 57 acres will give a boost to agricultural and manufacturing sectors in Madhya Pradesh, ITC said in a statement.
"The two projects, when complete, would entail a total investment outlay of Rs 1,500 crores which will support livelihoods across sustainable value chains," it said.
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While the food plant will manufacture ITC's products including atta brand Aashirvaad, Sunfeast biscuits, and 'YiPPee!' noodles, the moulded fibre products facility will be a pioneer in sustainable packaging, contributing to plastic substitution in areas such as packaging for electronic items, FMCG, and the food and beverage sector.
"ITC's investment in the food processing sector through the facility at Sehore is poised to add value to the state's manufacturing sector and support inclusive agri-value chains..
"ITC believes that the food processing sector, being at the intersection of agriculture, industry and services, can make a multi-dimensional contribution to the state's economy by enhancing the competitiveness of the food value chain," it said.
Commenting on new investment projects at Sehore, Chairman Sanjiv Puri said ITC has, over the years, expanded its footprint across all three sectors of Madhya Pradesh's economy – agriculture, manufacturing and services.
"In line with our commitment to contribute to the socio-economic development of the state, we are now investing in two world-class facilities including the Integrated Food Manufacturing and Logistics Facility and the Sustainable Packaging Products Manufacturing Facility at Sehore.
"This state-of-art facility will also be a landmark in sustainability with the unit being designed to IGBC green building Platinum standards.," he said.
A foundation laying ceremony was held on Sunday, in which Chief Minister Shivraj Singh Chouhan was present.
ITC has a significant presence in the state. Besides the upcoming projects, the company has 7 co-manufacturing units for Foods and Agarbatti that support local entrepreneurship.