Punjab CM inaugurates ITC Integrated Food Processing facility at Kapurthala
Punjab Chief Minister Captain Amarinder Singh on Thursday inaugurated ITC’s new state-of-the-art Integrated Food Manufacturing and Logistics Facility at Kapurthala.
Spread over 72 acres of land, with an initial investment outlay of approximately Rs 1,500 crores, the world-class facility will manufacture ITC’s popular food brands.
Expressing happiness at the facility, which would help the farming community transition from the traditional wheat-crop cycle to the more lucrative crops, the Chief Minister said such projects would be instrumental not only in saving the state’s crunched fertile land and water resources but also in boosting farm income.
Earlier, dedicating the facility to the people of Punjab, ITC CEO Sanjiv Puri said the company received speedy clearances to complete the plant’s construction in record time.
Pointing out that ITC was present across various sectors, from agriculture to manufacturing and services, the CEO said the company would make the most of the new industrial policy, with its favourable provisions, to expand in Punjab.
The facility, which will create large-scale livelihoods across the sustainable agri-value chains, will add significant value to the State’s agricultural potential as the food processing sector, being at the intersection of agriculture, industry and services, can make a multi-dimensional contribution to the State’s economy by enhancing the competitiveness of the food value chain.
Speaking on the occasion, Power Minister and Kapurthala MLA Rana Gurjit Singh said the government was striving to create employment avenues in the state, as committed by the Chief Minister, who was focused on getting industry to invest in Punjab.
This is the third of the five plants ITC is setting up in the complex, with the remaining two also expected to become operational by March next year. Once completed, the entire facility will be spread over 1.5 million square feet area, making it the largest in the country.
In line with New Industrial and Business Development Policy 2017, the State Government will provide all the fiscal incentives available for anchor units to ITC, which will include 100% reimbursement of net SGST for 15 years.
It may be noted that the New Industrial and Business Development Policy 2017 of the State has declared food processing as thrust sector and provides various fiscal and non-fiscal incentives to investors such as power tariff @ Rs. 5 per unit, reimbursement upto 100% net SGST, 100% exemption from Electricity Duty, Stamp Duty, CLU/EDC exemptions, 100% exemption of all taxes & fees on raw material upto 10 years, exemption from PAPRA.
