India's ITC is set to establish four food parks with an investment of more than INR200 crore (approximately $31.62 m) each in the state of Tamil Nadu, India.
Business Standard quoted Tamil Nadu additional chief secretary (Industries) C V Shankar as saying the food parks are likely to be spread over 25 to 30 acres, bringing an investment of INR 200 crore to INR 250 crore each.
C V Shankar was quoted by Business Standard as saying: "ITC has plans for four food parks in three years and of which work on two is expected to begin this year."
A recent report from Edelweiss Securities stated that ITC recorded INR 5,700 crore in revenue in fiscal 2013-14.
Tamil Nadu is targeting an investment of INR 1 lakh crore from its first upcoming global investors' meet in September this year.
The government of India is set to announce 17 new Mega Food Parks (MFPs) across the country, which is expected to attract total investments of more than INR2,100 crore.
This scheme is aimed to establish a strong food processing industry with the support of an efficient supply chain.
Image: ITC will be operating four food processing parks in Tamil Nadu within three years. Photo: courtesy of Serge Bertasius Photography/ freedigitalphotos.net.
