CHENNAI/BENGALURU: In a bid to address the growing demand for its products, Britannia Industries on Monday signed a Memorandum of Understanding with the State government to increase its investment in the State.
The partnership is yet another milestone for the company given its robust performance over the last two quarters despite the background of the pandemic. The formal signing took place in the presence of Chief Minister Edappadi K Palaniswami. Britannia announced that it has enhanced its investment plans from Rs 300 crore to Rs 550 crore over a period of 7 years in Tamil Nadu.
With this, the company would also generate a total of 1000 direct & indirect employment opportunities in the State. The proposed plant with a land requirement of 85 acres, will manufacture a variety of snacking products from the company. “We are working continuously to drive in investment in the State for a holistic development while ensuring employment opportunities for our people,” said Neeraj Mittal, IAS, MD & CEO of Guidance, Industries Department.
Commenting on the partnership, Varun Berry, Managing Director of Britannia Industries, said, “Tamil Nadu is one of our biggest and key markets for growth. It 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.”
Meanwhile, Inox Air Products has proposed to establish a Rs 150-crore project for the manufacture of liquid oxygen in Hosur, Krishnagiri district, which will provide jobs for 105 people. The company has played a significant role in supplying oxygen to Covid patients at hospitals across the State. Other investors include Aosheng Hitech Limited, which has proposed to establish a project for manufacturing carbon fibre plates at a cost of Rs 200 crore generating 250 jobs.
Singapore-based Vans Chemistry has proposed to establish an e-waste management facility for dismantling, recycling & refining precious metals on an investment of Rs 50 crore, which can generate jobs for 750 people. Greenbase Industrial Parks of Hiranandani Group has planned to set up an Industrial Logistics Park in Oragadam at a cost of Rs 750 crore, generating 500 jobs. Industries Minister M C Sampath, Chief Secretary K Shanmugam, Industries Secretary N Muruganandam, Managing Director Guidance Neeraj Mittal and other government officials and representatives of the companies participated in the event.
According to official data, in this year alone (up to September), the State has signed 42 business pacts worth a whopping Rs 31,464 crore. The pacts include Rs 6,300-crore Hybrid Renewable Energy Project by JSW Renewable Energy Limited in Thoothukudi, Tenkasi, Tirunelveli, Ramanathapuram and Tiruppur districts. This is expected to generate 2,420 jobs.
