MUMBAI (Commodity Online): Nestle India Ltd (BSE: 500790 : NSE: NESTLEIND) plans to invest nearly Rs 500crore to setup its eighth plant in Gujarat next year.
The new plant will focus mainly on Maggie noodles and confectionery-manufacturing.
According to Mr Antonio Helio Waszyk, Chairman and Managing Director, Nestle India Ltd, the company has also plans to set up its nineth plant and has Bihar on its radar as part of its aggressive business expansion policy in the western and eastern States by doubling capacities. So far, Nestle India has focused on the southern and northern States for dairy and beverages divisions, reported Business Line.
The company, for its Maggie noodles, would also procure wheat locally in Gujarat.
Meanwhile, nestle has clarified that the company has no plans, for now, to enter the dairy sector in Gujarat.
Presently, Nestle procures 13 lakh litres of milk from one lakh farmers in Punjab, Haryana, Maharashtra and Rajasthan.
Nestle India Ltd, a subsidiary of Nestle SA, the Swiss major in food and beverages.
On BSE, the company traded down 1.73% or Rs 73.80 to Rs 4140 on Monday at 16:05 IST
