Capex is a part of Rs 8000-crore investment plan announced by Y C Deveshwar, chairman, ITC, on 12 June 2015, during the launch of the Telangana government's new industrial policy, which promises superfast single window approvals and zero tolerance to corruption.
Half of the said investment is expected to go into building new hotels and a new food processing plant in Medak district of Telangana.
The ITC- Paperboards and Specialty Papers Division (ITC-PSPD) is among the leading names in the business worldwide. With an emphasis on harnessing state-of-the-art technology, the company has emerged as the largest manufacturer of packaging and graphic boards in South Asia.
The total paperboard production of ITC PSPD is 500,000 tonnes.
The state government has already allotted the additional land required for the expansion of Bhadrachlam Paper Board's plant. "We are doubling the paper mill capacity to one million tonnes. But, in China, one single machine produces one million tonnes of paper. That is the scale we are competing with," said Deveshwar.
In addition, ITC will spend about Rs 800 crore to set up a world-class food processing plant in the Telangana chief minister's home district of Medak. Deveshwar added that Telangana's new industrial policy was extremely significant in speeding up the industrial development in the state.