Domestic and global firms, including ITC, Pepsico and Hershey, on Friday announced plans to invest billions of dollars in India's food and agri sector as they look to tap one of the world's fastest growing economies.
While diversified conglomerate ITC said it would invest over Rs 10,000 crore to set up 20 integrated food processing and logistics facilities, PepsiCo reiterated that it along with its partners would invest $2 billion in the next five years.
US-based confectionery major Hershey Co said it is likely to invest $50 million in the next five years to grow and expand its presence in India.
The announcements came during the ongoing 3-day World Food India event here.
ITC, which inked an MoU with the Ministry of Food Processing Industries, said the planned 20 new integrated facilities will produce branded food products, including Aashirvaad atta, Sunfeast biscuits, YiPPee! noodles, Bingo! snacks, B-Natural juices, and processed fruits and vegetables.
Similarly, PepsiCO said it along with its partners will be investing $2 billion in India in the next five years, which is part of its previously announced investment plans.
It inked an MoU with the Ministry of Food Processing Industries in this regard.
Hershey, which has been selling its products such as milk shakes, syrups and spreads and brands such as Jumpin, Nutrine and Smart Cook, in India since 2008 said the country is one of its key international focus markets.