In a bid to address the growing demand of its products, Britannia Industries signed a Memorandum of Understanding (MoU) with the Tamil Nadu (TN) 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 Edappadi K Palaniswami, Chief Minister, Tamil Nadu.
Britannia announced that it has enhanced its investment plans from Rs 300 crore to Rs 550 crore over a period of seven years in Tamil Nadu. With this, the Company would also generate a total of 1000 direct and 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.
Speaking on the occasion Dr Neeraj Mittal, IAS, MD & CEO, Guidance, Industries Department stated, “We 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.”
Commenting on the partnership, Varun Berry, Managing Director, 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. To achieve this, we are also looking at an overall Capex of about Rs 700 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.”