ITC limited is set to make Guntur its hub for agribusiness operations. The company aims at consolidating its hold on its branded packaged foods business.
“Guntur will become the country’s hub for procurement of food grains as we march on to realise our dream to consolidate our FMCG market share of Rs.1 lakh crore by the year 2030. This will be the hub for procurement of all commodities, crop development, research, and food safety sectors,” Chief Executive Officer, ITC-ILTD, Guntur, Sanjiv Rangrass, told The Hindu on Saturday.
For over 100 years, ITC-Leaf Tobacco Division, India’s largest buyer of leaf tobacco, has been working with farmers in Guntur and Prakasam districts. The corporate giant is now set to leave its footprints on the capital region with an investment close to Rs.500 crore. ITC is investing Rs.250 crore for setting up office and residential towers for over 100 families who work in the agribusiness division. This apart, ITC is establishing the first-of-its five-star hotel, Fortune Select, its chain of hotels at Vidya Nagar on the Ring Road with an investment of Rs.150 crore.
Stone for new hotel
Chief Minister N. Chandrababu Naidu would be laying the foundation stone for the ITC Fortune Select on April 29 in the presence of ITC Chairman Y.C Deveshwar, Managing Director, ITC Hotels, Nakul Anand, and other top executives.
The 150- room capacity hotel, coming up in a 5,000 square feet built-up area, would be the third hotel in the Fortune Select chain of hotels after Chennai and Bengaluru.
“With Guntur being the country’s headquarters for our agribusiness division, the ITC spread will be across 220 districts in 22 States of the country. We want to make Guntur a power house in the agricultural business sector,” said Mr. Sanjiv. ITC is also planning to set up a world-class Spices R& D Centre in six acres at the Spices Park near Chilakaluripet for its blended products. It has already launched a range of masala powders and curry powders in Andhra Pradesh and would soon expand it to other states.
Investment in Vizag
Some of the other big ticket investments in Andhra Pradesh include a new hotel at Siripuram in Visakhapatnam.
To invest Rs.250 cr. for setting up office, residential towers for over
100 families
