Kolkata-based ITC Ltd is planning to launch a range of ready-to-drink milk-based beverages and frozen desserts from its new plant in Kapurthala, Punjab to accelerate its dairy business.
Spread over 30 hectares, the unit will be the largest integrated food and manufacturing facility owned by ITC. The company has committed an investment of Rs 1,500 crore for building the facility.
ITC’s plan to expand in dairy is part of its efforts to generate about Rs 65,000 crore from packaged foods by 2030 to reach its goal of Rs1 trillion in revenue from non-cigarette packaged goods by that time.
The Kapurthala unit is one of ITC’s 20 integrated factories for consumer packaged goods with logistics facilities which will together cover an area of 28 million sq. ft across the country. The company has lined up an investment of Rs 25,000 crore in 65 projects.
The market size of the flavoured milk segment in India is still small and was pegged at around Rs 800 crore in 2015. While most of the estimated Rs 90,000 crore dairy market in India is unorganized, milk-based beverages are a fast growing segment.