Reproduced from Economic Times:
After years of strong presence in Andhra Pradesh in the areas of tobacco and paper, FMCG giant ITC now plans to make significant investments in the state’s Guntur region for both agri-business and hospitality , involving hundreds of crores. ITC group chairman YS Deveshwar said that the company was looking at significant investments for the production of millets, chillies, spices, shrimps along with setting up cold-chain facilities, apart from an agricultural research centre.
The group was also looking at setting up its flagship five-star hotel ITC Grand Chola in Andhra Pradesh’s upcoming capital city Amaravati, said Deveshwar, who was in Guntur on Friday to lay the foundation stone for `My Fortune’ hotel. The hotel project will be spread over 1.44 acres and would be completed by 2019.
ITC, which plans to make Guntur its hub for agri-business involving crop production, development research and food safety areas, would also build its office and residential complex in Guntur.
While Deveshwar did not divulge details on the investments, ITC officials at the venue said the investments would be around Rs 350 crore on the proposed hotel at Amaravati and the office and residential complex in Guntur. The agri-business research complex would have a built-up area of half-a-million square feet, housing at least 500 employees and be ready by April next year to act as group’s agri-business headquarters, said S Sivakumar, head of agri-business, ITC group .
ITC plans to set up large cold chain facilities to enter the packaged shrimp business both for meeting the growing demand in the domestic market and also explore export opportunities.