Companies

ITC to invest Rs 8,000 crore in Telangana

K V Kurmanath Hyderabad | Updated on January 24, 2018 Published on June 12, 2015

Investment ready ITC group Chairman YC Deveshwar (left) with Telangana Chief Minister K Chandrasekhara Rao at the launch of the State’s industrial policy, in Hyderabad, on Friday. MOHAMMED YOUSUF

itc

Cigarettes to food conglomerate ITC has announced investments to the tune of ₹8,000 crore in Telangana, India’s newest State.

The bulk of these investments (₹4,500 crore) will go into expanding its paperboard capacity by one million tonnes. The firm has a capacity of five lakh tonnes at Bhadrachalam.

Announcing this here on Friday, ITC Chairman YC Deveshwar said that the firm would set up an ₹800-crore food processing facility in Medak district and a ₹1,000-crore hotel in Hyderabad.

‘Become competitive’

Addressing a gathering in Hyderabad, after the Telangana government announced its industrial policy, he said India needed to significantly ramp up manufacturing capacities.

Citing his own example, he said ITC was the largest paperboard manufacturer in the country, with a capacity of five lakh tonnes, whereas a single machine in China had a capacity to produce one million (10 lakh) tonnes.

“We can create jobs if Indian industry becomes competitive. Capital goes to places where it can multiply. If we are not competitive, we will lose out,” said the ITC Chairman.

“It is not just enough to have manufacturing capabilities. Manufacturing does result in jobs. But value addition comes from intellectual property,” said Deveshwar. The ITC chief cited the huge imports of agarbathis from Vietnam and notebooks from Japan, after they had opted for mechanised production.

GMR plans

GMR Group Chairman Grandhi Mallikarjuna Rao said that his firm would set up an aerospace training centre to create a pool of skilled personnel for the aviation industry, in association with the Telangana Government. He said it would also build a huge convention centre near the airport.

Rao said no other State offered the facility of single-window to accord permissions for project proposals.

“Some critics predicted that companies will fly away from Hyderabad (after the split of Andhra Pradesh). They were proved wrong,” said Ruia group Chairman Pawan K Ruia.

Nasscom Chairman and Executive Chairman of Cyient BVR Mohan Reddy said the power situation in the State had improved significantly.

“The industry used a very small portion of captive power this summer. It was the lowest in the last 15 years,” he said.

Published on June 12, 2015
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