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In a significant development, the Indian conglomerate ITC has unveiled plans to invest a whopping INR 1,500 crore in the state of Madhya Pradesh. This substantial investment will be directed towards establishing two crucial facilities: an integrated food manufacturing and logistics center and sustainable packaging products manufacturing facility in Sehore. These projects are set to span a sprawling area of approximately 57 acres and promise to bring a substantial boost to the agricultural and manufacturing sectors within the state.
In a statement released by ITC, the company expressed its commitment to supporting livelihoods through sustainable value chains, emphasizing the positive impact of these ventures on the region. Chief Minister Shivraj Singh Chouhan, who announced these projects, noted the significant employment opportunities they would create, stating, "Today, Bhumi Pujan has been done for two factories in Badiyakhedi. An investment of about INR 1,500 crores will happen here, so our 5 thousand children will get employment."
Badiyakhedi, Sehore district, is chosen for transformative ventures by ITC Food Plant, focusing on diversifying opportunities beyond agriculture for youth employment. The facility will manufacture products under renowned brands like Aashirvaad, Sunfeast, and YiPPee, and pioneer sustainable packaging solutions. The Sehore facility will enhance the state's manufacturing sector and agri-value chains, contributing to the economy by increasing the competitiveness of the food value chain.
Sanjiv Puri, Chairman of ITC, stated, "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-the-art facility will also be a landmark in sustainability with the unit being designed to IGBC green building Platinum standards."
ITC already maintains a significant presence in the state, with co-manufacturing units for foods and agarbattis.
Meanwhile, ITC's shares saw a slight dip in early trading on Monday, with the stock down 0.19 percent at INR 440.50 compared to the previous close at INR 441.25. The trading turnover reached INR 2.04 crore, with a market capitalization (m-cap) of INR 5,50,401.11 crore.
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