Nestlé India will establish a food processing unit in Odisha for ₹894.10 crore

Nestlé India, a leading packaged foods company, has received in-principle approval from the Industrial Promotion and Investment Corp of Odisha Ltd. (IPICOL) to establish a food processing unit in Mundaamba with an investment of approximately ₹894.10 crore. The company shared this update with the stock exchanges on Friday.

The approval was granted by the State Level Single Window Clearance Authority during its meeting on July 10th, as conveyed in a letter from IPICOL to Nestlé. The establishment of this food processing facility will be located in Mundaamba, Block-Jankia, in the district of Khordha, subject to the company fulfilling certain conditions outlined by IPICOL. This would mark Nestlé’s tenth manufacturing facility in India.

The decision to set up the new facility aligns with Nestlé India’s strategic plans to invest ₹5,000 crore in constructing research centers and factories by the year 2025. Nestlé’s global chief executive, Mark Schneider, had earlier stated in a 2022 interview that the investment encompasses funds allocated to their facilities’ expansion, including factories and research centers. Additionally, the company remains open to exploring interesting opportunities for mergers and acquisitions.

Nestlé India has a rich history of manufacturing in India, dating back to 1961, when it established its first manufacturing facility in Moga, Punjab. Over the years, it has expanded its operations to various states, including Tamil Nadu, Karnataka, Haryana, Goa, Uttarakhand, Himachal Pradesh, and Gujarat, producing and selling a wide range of products such as noodles, dairy items, beverages, chocolates, and cereals.

In the fiscal year 2022, Nestlé India recorded impressive revenues of ₹16,997.96 crore. With this latest investment in the food processing unit in Mundaamba, the company is strengthening its commitment to India’s market and its continued growth and presence in the country’s food processing sector.