Reliance Consumer Products, a subsidiary of Reliance Industries, is set to invest Rs 768 crore in its first food park in Andhra Pradesh. The food park, which will be located in the Sri City industrial area of Chittoor district, is expected to create over 3,000 direct and indirect employment opportunities. The project aims to promote the development of the food processing sector in the region and provide a boost to the local economy.
The food park will be spread over an area of 125 acres and will have state-of-the-art infrastructure, including manufacturing facilities, logistics and warehousing, and research and development centers. The park will focus on producing a range of food products, including dairy, meat, and packaged foods, and will have a capacity to process over 300,000 tons of food products per annum.
Reliance Consumer Products has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to develop the food park. The company will invest Rs 768 crore in the project over the next three years, with the state government providing support in the form of subsidies and other incentives.
The food park is expected to have a significant impact on the local economy, with the potential to generate over Rs 1,500 crore in revenue per annum. The project will also provide a boost to the agricultural sector in the region, with the company planning to source raw materials from local farmers. This is expected to increase the income of farmers in the region and provide them with a stable market for their produce.
The Andhra Pradesh government has been actively promoting the development of the food processing sector in the state, with a focus on creating infrastructure and providing support to investors. The government has set a target of attracting investments worth Rs 10,000 crore in the food processing sector over the next five years, and the Reliance Consumer Products project is a significant step towards achieving this goal.
Overall, the Reliance Consumer Products food park project is expected to have a positive impact on the local economy and provide a boost to the food processing sector in Andhra Pradesh. The project will create employment opportunities, increase the income of farmers, and provide a stable market for their produce, and is a significant step towards promoting the development of the food processing sector in the region.