FMCG major Nestle India on Tuesday said it has signed an MoU with the government to expedite investments in the food industry.
Nestle India signed the MoU with the Ministry of Food Processing Industries (MoFPI) during the World Food India Summit “to expedite the investments in green field and brown field projects, in Odisha and its existing manufacturing locations within the time frame of the next 2 to 3 years,” according to a statement from the company.
Nestle India Chairman and Managing Director Manish Tiwary said the MoU is expected to create direct and indirect employment opportunities, which reinforces its commitment to “India’s growth story”. In 2022, the Swiss FMCG major announced it would invest Rs 5,000 crore in expansion in India by 2025.
Nestle India is investing in new capabilities and capacities, by increasing product lines in existing factories and setting up the Sanand factory in Gujarat, for Confectionery and Prepared Dishes and Cooking aids, according to the latest annual report of the company.