ITC To Invest Rs 8,000 Crore In Telangana
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Business conglomerate ITC Limited will invest Rs 8,000 crore in Telangana for expanding its paper plant capacity and setting up of a new hotel, company Chairman Y.C. Deveshwar said on Friday.
"As a commitment from ITC we assure you that we will be investing Rs 8000 crore in the state of Telangana. We will expand our paper plant capacity and set up a new hotel in Hyderabad," Deveshwar said during the launch of Telangana's new Industrial policy.
Later talking to PTI on the sidelines, he said paper plant expansion itself would need around Rs 4,500 crore.
"The investment will go into expanding the Paper Board manufacturing unit (in Telangana)...it (the investment) would be in consumer goods and logistics," Deveshwar said.
On investment in hotels, he said, "One hotel itself is about Rs 800 crore. If we get one or two in Hyderabad, will invest."
'Cash Is Not A problem'
Replying to query, he said the company is sitting on a cash pile of Rs 17,000 crore.
"Cash is not a problem. So if you give permissions, instead of investing in other state we will invest here (in Telangana) only," he added.
According to ITC, the Bhadrachalam Paper Board plant has a production capacity of 405,000 TPA of paperboard and 140,000 TPA of paper.
The plant also makes speciality boards for playing cards and scratch cards, C2S Art Boards and Ivory Boards.
Earlier in his address, Deveshwar said the group is also looking to set up a food processing unit with an investment outlay of Rs 800 crore.