Financial Daily from THE HINDU group of publications
Sunday, Jul 31, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 31, 2005 |
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Corporate
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New Projects Nestle to set up Rs 100-cr unit in Uttaranchal Our Bureau
New Delhi , July 30 NESTLE India Ltd has said it will set up a manufacturing facility in Uttaranchal at an investment of Rs 100 crore over the next two to three years. The new facility will mainly manufacture culinary products and is expected to begin commercial production in the first half of 2006. The factory, Nestle India's seventh in the country, is being set up in Uttaranchal due to the various tax benefits in the State, Nestle India said in a release. The company has reported a 93.5-per cent year-on-year surge in net profit for the second quarter ended June 30, 2005 to Rs 82.77 crore. Net sales rose 19.7 per cent to Rs 615.77 crore during the quarter under review, it said. The company's export sales in the quarter increased 32.2 per cent on increased volumes (15.3 per cent) and higher realisations from instant coffee exports to Russia resulting from increased green coffee prices.
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