New Delhi: In a major boost to Odisha, FMCG major Nestle India has signed a strategic Memorandum of Understanding (MoU) with the Central government to expedite investments in the food industry.
The MoU, signed with the Union Ministry of Food Processing Industries (MoFPI) during the World Food India Summit, is aimed to “expedite the investments in green field and brown field projects in Odisha and its existing manufacturing locations within the time frame of next 2 to 3 years,” a company statement said.
Nestle India, which is investing in new capabilities and capacities by increasing product lines in existing factories and setting up a factory in Gujarat’s Sanand — for confectionery and prepared dishes and cooking aids — according to the latest annual report of the company.
The company said its tenth factory in India is on the anvil in Odisha.
Nestle India Chairman and MD Manish Tiwary said the recent MoU is expected to create direct and indirect employment opportunities, reinforcing the company’s commitment to India’s growth story.
The Swiss multinational, whose Indian subsidiary is headquartered in Gurgaon, had announced in 2022 it would invest Rs 5,000 crore in expansion in India by 2025.