ITC Limited Announces Rs 3,000-Crore Paper Unit Plan in Andhra: Buzzing Stock
Breaking News: ITC Limited India Giant’s Expansion Plans
The new paper manufacturing unit which would come up in Khammam district, Andhra Pradesh is expected to consolidate ITC’s domination over the fast-developing paper and paperboards market in the nation.
Presently, ITC, one of prestigious business conglomerates in the country, owns 4 paper manufacturing facilities which account for the production of 5.5 lakh tonnes of paper and paperboards. The company has been playing leadership roles in the supply of specialty papers used mainly for printing, writing and packaging purposes.
The plan to set up new paper manufacturing unit has received on-paper consent from the state government. It is expected that the Union Ministry of Environment and Forests would extend its approval for the project within the next 6 months.
Pradeep Dhobale, the executive director of ITC Limited, informed that the projected paper manufacturing unit would cover an area of 1,000 acres with expected production capacity of about 300,000 tonnes per annum. This capacity would make the plant highest paper manufacturing facility in the country.
Industry analysis suggests that the paperboard demand in the country stands around 1.8 million tonnes annually. This demand is increasing at the rate of 8 to 10 percent every year. ITC alone captures about 22% of the domestic paperboard market.
The company’s Bhadrachalam unit, located in Andhra Pradesh, is also in the process of expansion. The company plans to invest Rs 1,100 crore in this unit as part of its capacity extension plan.
