After deciding to allot 62 acres of land in Kapurthala district to ITC Limited, Punjab deputy chief minister Sukhbir Singh Badal handed over a letter of intent (LoI) to the company here on Friday at a public function in the grain market. The company has assured to make an investment of Rs 700 crore for manufacturing food products.
The company had signed a MoU with Punjab government during the investors' summit at Mohali in December 2013. The chunk of land is in integrated mixed-use Industrial Park, Kapurthala.
Meanwhile, Badal announced all assistance to the company for making the "prestigious project" a success. ITC is required to commission the project within three years. The company claimed that it would also build a logistics hub at the proposed site and generate employment for about 2,000 people. The project would also enhance farmers' income as it would be an agro-based plant, Chitranjan Dar, divisional chief executive of ITC's food business said.