ITC to double its investment to Rs 1400 crore in Punjab

Sukhbir Badal meets top corporate honchos at New Delhi

5 Dariya News

New Delhi/Chandigarh 18-Sep-2015

Giving further credence to the status of Punjab as a favoured destination for investors,  ITC Limited today announced to double its investment in Punjab from the earlier Rs 700 crore to Rs 1400 crore.Disclosing this during an interaction with Deputy Chief Minister Sukhbir Singh Badal with the top corporate honchos here, the President of FMCG Businesses, ITC Limited Mr. Sanjiv Puri said his company was increasing its investment in the Food Park at Kapurthala.Puri said ITC had succeeded in making Kinnow juice. He said the product was under consumer testing and would be in the market within the current financial year.

The Managing Director of Godrej Agrovet Limited - Mr. Balram Yadav while replying to a proposal made by the Deputy CM, said his company would evaluate setting up a green house and food park over 100 acres. Mr Badal said the government was ready to create the entire infrastructure for the green house at Ladhowal. "Companies and farmers taking up area in the green house would have to pay operating costs only", he said.

Molson Coors president Ravi Kaza, who also met the Deputy CM, announced his company was upgrading its plant by investing Rs 50 crore. Representatives of Marks and Spencer, Cannon, Shaktibhog Atta, Walmart and Dabur also held one to one meetings with the Deputy CM. Dabur representative Sunil Duggal expressed interest in processing kinnows. Walmart representatives said there was scope of opening a dozen more Walmart stores in Punjab as the company's stores in Punjab had the best sales.

While briefing the industrialists, Mr Badal said the State government was coming out with policy which would offer the cheapest power in the country to new investors. He said besides this the government was in the process of banning any Inspector from entering any factory premises. He also explained how Punjab, which was known for its ease of doing business as well as encouragement to start ups, was also now emerging as the number one State as far as social infrastructure was concerned.Senior officials including Mr Karan Avtar Singh and Mr Anirudh Tewari were also present on the occasion.