ITC to invest Rs. 800 cr in Odisha for hotel, food park

Diversified group ITC is looking to invest Rs. 800 crore in Odisha over the next few years to set up a hotel property and a food processing park in the state, a top official said recently.

'We are planning to invest Rs. 800 crore in Odisha for a hotel and a food processing park industry,' ITC Chairman and Managing Director Y C Deveshwar told PTI on the sidelines of the Make in India Week.

He said the hotel property will come up in Bhubaneshwar, while the food processing park details are being worked out.

Nearly, Rs. 630 crore will be invested in the food processing park and the rest of the money will be invested in the hotel, he added.

With its genesis in the tobacco industry, the Kolkata-based company has diversified into multiple sectors including hospitality and consumer goods. It operates a chain of star hotels.

Apart from these two investments, the company is also looking at investments in the agro forestry side in Odisha, Deveshwar said.

“Till now we were testing the waters and getting our plans ready. Now it is time to start,” Deveshwar said, when asked about its existing investments in the eastern state.

Apart from the investments in Odisha, Deveshwar said the plan of investing Rs. 25,000 crore across verticals over five years is also progressing with work on 20 projects being on and 16 more being planned.

Deveshwar said he expects consumer demand to pick up by July, majorly on the rural demand going up on receipt of MNREGA payments, an expected good monsoon and a push in government spending.

HBL