Chocolate maker Cadbury India, on Wednesday, said it would invest Rs.1,000 crore to set up the first phase of its largest manufacturing plant in Asia Pacific that would come up in southern India.
Commenting on the investment, Anand Kripalu, President, India and South Asia, Mondelçz International, said, 'India is one of the priority emerging markets for Mondelçz International. This investment will build on our success in India till date and ensure long-term business sustainability.'
Cadbury India, a part of Mondelez International Inc., has signed an agreement with Sri City in Andhra Pradesh to take on lease 134 acres for the proposed facility, the company said in a statement.
Sri City, located 55-km from Chennai, is the largest private sector multi-product special economic zone (SEZ) in South India. The city is home to over 85 industries from 24 countries.
The multi-category food campus, which will also be the largest chocolate manufacturing plant in India, is expected to create close to 1,600 direct jobs by 2020. The project will be developed in four phases. The first phase is expected to be completed by mid-2015 and final completion is scheduled by 2020.
Ravindra Sannareddy, Managing Director, Sri City, said, 'This significant investment establishes Sri City as a destination of choice for the FMCG and food industry. The location and infrastructure is well suited to meet the demanding requirements of the industry.'