Nestlé India has finalized plans to allocate INR 894 crores for the establishment of a new food processing unit in Odisha. This investment is anticipated to deliver a substantial uplift to the industrial sector of the state.
The company has also obtained the necessary approval from the authorities, and it is anticipated that approximately 800 individuals will be hired by the company.
This is Nestlé’s 10th production facility in India, dedicated to the manufacturing of packaged food products.
The upcoming plant will be situated in Khurda district, which is in close proximity to Bhubaneswar, the capital of the state.
In response to the substantial surge in sales over the past few years, Nestlé made a significant investment of INR 700 crores in the establishment of its ninth plant in Sanand, Gujarat. This strategic move aimed to enhance the company’s production capacity and reinforce its commitment to meeting growing market demands.
Amidst the Covid-19 pandemic, the company experienced a significant growth in net sales, reaching INR 16,790 crores with a compound annual growth rate (CAGR) of 11%. Additionally, the company’s net profit witnessed a CAGR of 6.7%, amounting to INR 2,305 crores in the calendar year 2022. It is worth noting that Nestlé follows a financial year schedule that spans from January to December.
