Nestlé India is all set to invest INR 894 crores towards new food processing unit in Odisha, which is expected to provide a significant boost the state’s industrial sector.
Read: June 2023 Issue of Food InfoTech Magazine.
The approval has also been secured by the company from the authorities. The company is expected to hire around 800 people.
This is the 10th production facility that would be built by Nestlé in India, that would be focusing on producing packaged food products.
The plant would come up at Khurda district, which is closer to the state’s capital, Bhubaneswar.
After witnessing rapid growth in its sales in recent years, Nestlé had invested INR 700 crores towards setting up of its ninth plant in Sanand, Gujarat last year as part of its efforts to boost the company’s production capacity.
During COVID-19, the net sales of Nestlé India had risen to INR 16,790 crores at a CAGR of 11%. Further, the company’s net profit had increased by 6.7% CAGR to INR 2,305 crores in CY 2022. Nestlé’s financial year runs from January to December.
