ITC plans to invest $593m to set up eight new food processing units in India
Consumer goods conglomerate ITC is planning to set up eight new integrated food processing units in India by 2019, by investing over Rs 40bn ($593m).
According to ITC divisional chief executive V L Rajesh, the investments are part of the company's long-term plan to spend Rs 250bn ($3.7bn) on growing its businesses. It plans to use a major chunk of outlined investments to expand its food business.
ITC has also acquired land for the proposed plants in the Indian states of West Bengal, Assam, Karnataka, Tamil Nadu and Maharashtra.
ITC has already set up an integrated plant at Kapurthala in Punjab state of India. This plant currently produces flour and fruit juice and the company has invested around Rs 14bn ($207.5m) in it.
Currently, ITC is looking to launch at least 20 products by the end of 2016 in the existing product categories.
V L Rajesh said: "We will be venturing in to a few of the new categories as well. Our offering in the dairy whitener space will be ready by next month.
"We are expanding our juices portfolio and our latest offering is Punjab da Kinnow, targeted at the northern Indian consumers."
The company is aiming to become a major player in the fast-moving consumer goods (FMCG) sector in India by 2030, by earning Rs 1 lakh crore in revenues. ITC had entered the Rs 24bn ($355m) Indian juice market by acquiring B Natural in 2014.