Tamil Nadu is on its way to development. In an attempt to provide a spur to manufacturing activities in the state, packaged foods company Britannia Industries signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu on Monday. As per the MoU, the organization will invest a whopping amount of Rs 550 crore in the state over a period of seven years, as per a press release. The formal signing of the agreement took place in the presence of Chief Minister Edappadi K Palaniswami on Monday.

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Earlier, the company had plans to fund Rs 300 crore in Tamil Nadu. However, this was expanded to Rs 550 crore, which is exacted to create employment opportunities for at least 1000 persons directly or indirectly. The recommended manufacturing facility will be produced in an area of 85 acres and will produce a variety of snacks under the company’s name. Apart from Britannia, 13 other MoUs were also signed between various companies and the state government on Monday. These are expected to bring in an investment of over Rs 10000 crore and provide job opportunities to around 7000 persons. 

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Terming Tamil Nadu as one of the biggest and key markets for Britannia Industries’ growth, Varun Berry, the Managing Director of Britannia Industries said, “It is the most diversified market and we have over the years invested towards strengthening our foothold in the state. We will continue to balance growth across our key markets as we look to further deepen our reach in the country. To achieve this, we are also looking at an overall Capex of about ₹700 crores to set up new facilities in Uttar Pradesh, Tamil Nadu, and Bihar, while also expanding manufacturing capabilities of our existing plants in Maharashtra and Odisha.”

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