ITC to invest Rs 500 crore

Guwahati, Feb. 8: ITC Ltd will invest Rs 500 crore into the fast moving consumer goods (FMCG) sector, especially in the food processing industry in Assam.

A company source said it would set up an integrated consumer goods manufacturing and logistics facility for which two places ' Dhubri and Chaygaon ' have been identified.

Official sources said ITC chairman Y.C. Devesh-war said this in the course of a meeting with Assam chief minister Tarun Gogoi at his official residence recently.

"Work can start once the land is in our possession," the company source said.

Flour, biscuits and snacks will be made at the facility.

ITC is one of India's foremost private sector companies and has a diversified presence in cigarettes, hotels, paperboards and others FMCG products and is rapidly gaining market share in its nascent businesses of packaged food and confectionery, branded apparel, personal care and stationery.

Deveshwar said his company's goal was to become the largest consumer goods conglomerate in the country. "While we have gained considerable market standing in each of our non-cigarette FMCG businesses, we aspire to be market leaders in each segment that we are present in. Food and personal care will be important drivers," he said in the meeting with the chief minister.

The Guwahati office of the company, which is responsible for the entire region, is among the top performing branches in the country.

Sources said the company had a good presence in the region in branded packaged food segment and had a better-than-average growth rate.

A number of companies taking benefits of the industrial policies have chalked up plans for expansion in the state. Under the 2008 Assam Industrial Policy, special incentives are given for mega projects to encourage the establishment of projects with large capital investment of minimum of Rs 100 crore or generating minimum 1,000 regular employment.

All incentives, including priority land allotment, the ceiling amount of subsidy and/or the period of validity of tax concessions under this policy will be relaxable on case-to-case basis.

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