PepsiCo to set up potato chips output unit in UP with Rs 814 cr investment
PepsiCo is setting up a potato chips production unit in Uttar Pradesh with an investment of Rs 814 crore, officials said here on Monday.
The greenfield (new) unit is being set up in Kosi, Mathura, on 35 acres of land provided by the UP State Industrial Development Authority (UPSIDA), an official statement issued here said.
The unit, which is expected to start commercial production by middle of the next year, will facilitate direct and indirect employments, it added.
PepsiCo India Chairman Ahmed El Sheikh said the initial investment in this project was pegged at Rs 500 crore which has been revised to Rs 814 crore.
Significantly, the raw material (potato) will be procured through local sources, the statement said.
Infrastructure and Industrial Developmental Commissioner Alok Tandon said, “An MoU (memorandum of understanding) was signed by PepsiCo to set up this project with a proposed investment of Rs 500 crore at UP Investors Summit 2018.”
He further said that as a result of the MoU tracking, land allocation and labour-related reforms, a transparent investment system is being established in the state to suit the industries. As a result of this, PepsiCo has increased its investment from Rs 500 crore to Rs 814 crore, Tandon added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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