PepsiCo to set up greenfield potato chips production unit in Uttar Pradesh with an investment of Rs 814 crore
The multi-national food and beverage major PepsiCo is setting up a greenfield potato chips production unit in Uttar Pradesh with an investment of Rs 814 crore.
The multi-national food and beverage major PepsiCo is setting up a greenfield potato chips production unit in Uttar Pradesh with an investment of Rs 814 crore. The unit is being set up in Kosi - Mathura on 35 acres of land provided by UP State Industrial Development Authority (UPSIDA).
The unit, which is expected to commence commercial production by the middle of the next year (mid-2021), will facilitate direct and indirect employment to about 1,500 patrons. Reports suggest farmers of the central Uttar Pradesh have been demanding such a food processing unit from decades. Central UP is considered as the potato belt of the state.
Ahmed El Sheikh, the Chairman of PepsiCo India said that the initial investment in this project was pegged at Rs 500 crore which has been revised to Rs 814 crore.
Significantly, the raw material, the potato will be procured through local sources, which could change the fortune of potato growing farmers in central UP.
MoU was signed by PepsiCo to set up this project at UP Investors Summit-2018 and the project started with the arrangement of land at the groundbreaking ceremony held in July 2019.
Alok Tandon, Infrastructure and Industrial Developmental Commissioner has said, "An MoU (memorandum of understanding) was signed by PepsiCo to set up this project with a proposed investment of Rs 500 crore at UP Investors Summit 2018." He further said that as a result of the MoU tracking, land allocation and labour-related reforms, a transparent investment system is being established in the state to suit the industries. As a result of this, PepsiCo has increased its investment from Rs 500 crore to Rs 814 crore, Tandon added.
This is the first time that PepsiCo is setting up a greenfield project in the state itself.