In an attempt to provide fillip to manufacturing activities in the state, packaged foods company Britannia Industries signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu on Monday. As per the MoU, the company will invest Rs 550 crore in the state over a period of seven years, according to a press release. The formal signing of the agreement took place in the presence of Chief Minister Edappadi K Palaniswami on Monday.
Earlier, the company had plans to invest Rs 300 crore in Tamil Nadu. However, this was increased to Rs 550 crore, which is expected to generate employment opportunities for at least 1000 persons directly or indirectly. The proposed manufacturing facility will be developed in an area of 85 acres and will produce a variety of snacks under the companyâ€™s name. Apart from Britannia, 13 other MoUs were also signed between various companies and the state government on Monday. These are expected to bring in an investment of over Rs 10000 crore and provide job opportunities to around 7000 persons.
Neeraj Mittal, Managing Director and Chief Executive Officer of Tamil Nadu Industrial Guidance and Export Promotion Bureau expressed happiness at the development and said, â€śWe are working continuously to drive in investment in the state for a holistic development while ensuring employment opportunities for our people. We are pleased to see that Britannia Industries with its long-standing presence in the state resonates with our vision and we look forward to this growth journey with them.â€ť
Calling Tamil Nadu as one of the biggest and key markets for Britannia Industriesâ€™ growth, Varun Berry, the Managing Director of Britannia Industries said, â€śIt is the most diversified market and we have over the years invested towards strengthening our foothold in the state. We will continue to balance growth across our key markets as we look to further deepen our reach in the country. To achieve this, we are also looking at an overall Capex of about â‚ą700 crore to set up new facilities in Uttar Pradesh, Tamil Nadu, and Bihar, while also expanding manufacturing capabilities of our existing plants in Maharashtra and Odisha.â€ť