Food company Britannia Industries on Monday announced stepping up its investment in Tamil Nadu to Rs 550 crore.
To cater to the growing demand of its products, Britannia Industries has enhanced the investment plans from earlier Rs 300 crore to Rs 550 crore in the state. The company has signed a memorandum of understanding (MoU) with the Tamil Nadu government, said a joint statement.
The proposed investment would also generate a total of 1,000 direct and indirect employment opportunities in the state, it added.
“Britannia has enhanced its investment plans from Rs 300 crore to Rs 550 crore over a period of seven years in Tamil Nadu,” it said.
The proposed plant with a land requirement of 85 acres will manufacture a variety of snacking products from the company.
Commenting on the development, Varun Berry, Managing Director, Britannia Industries said, “Tamil Nadu is one of our biggest and key markets for growth. It is the most diversified market and we have over the years invested towards strengthening our foothold in the state. We will continue to balance growth across our key markets as we look to further deepen our reach in the country.”
The company is looking at an overall capital expenditure of about Rs 700 crore to set up new facilities in Uttar Pradesh, Tamil Nadu, and Bihar, while also expanding manufacturing capabilities of our existing plants in Maharashtra and Odisha, he added.
Neeraj Mittal, IAS, MD & CEO, Guidance, Industries Department said, “We are pleased to see that Britannia Industries with its long-standing presence in the state resonates with our vision and we look forward to this growth journey with them.”
Britannia Industries had a revenue of Rs 10,986.68 crore in 2019-20.