Nestle India receives approval to set up food processing unit in Odisha

Nestle India Ltd said in the filing that it has received an in-principle approval from the IPICOL (Industrial Promotion & Investment Corporation of Odisha Ltd) to set up a food processing unit in Mundaamba of Khordha district, Odisha.

FMCG major, food processing unit in Odisha will come up at an investment of about Rs 894.10 crore, subject to fulfilment of customary conditions by the company. 

Following this approval, the were up 0.52 percent in the early morning trade at Rs 22,988.55 on the BSE.

The Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL) wrote to Nestle India on July 14 to inform them that the State Level Single Window Clearance Authority (SLSWCA) had “in principle” approved the company’s proposal to build a food processing facility in the Odisha district of Khordha at Mundaamba, Block-Jankia, the company said in the filing on Friday.

Meanwhile, the board of directors of the company will review the unaudited financial statements of the company for the second quarter and half year that ended June 30, 2023, which is scheduled to take place on July 27, 2023.

Source: Media Reports