India: ITC to invest Rs 1,000 crore in early 2015
ITC Ltd has plans to invest Rs 1,000 crore ($160 million) in the dairy and juice businesses in the first quarter of 2015, according to a report in the Economic Times.
The expansion will reportedly involves setting up new production facilities in Munger, Punjab,Uttar Pradesh, Maharashtra, Telangana and Andhra Pradesh.
While ITC’s foray into juice began earlier in the year with the acquisition of the Be Natural brand for about Rs 50-60 crore ($8-10 million), the dairy venture is set to be embarked on on a wholly organic basis.
In a recent interview to the Economic Times, ITC Ltd divisional chief executive (foods) Chitranjan Dar refused to confirm the expansion plans, citing confidentiality,, but said ITC would soon roll out juices across the country, whereas the entry into dairy business would be be late next quarter. "We plan to regionalise both juices and dairy products since the taste would vary", he said.
The juice portfolio will include both 100% juices and nectars with 7-8 variants, while the full portfolio of dairy products, which will include both retail and foodservice items, is still to be decided.
Source: Economic Times