New Delhi, Jan 23 (PTI) Milky Mist Dairy Food Ltd plans to invest Rs 1,130 crore to set up a processing plant in Maharashtra as part of its expansion plan.
In a statement on Friday, the company said it
has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a large-scale milk processing and dairy products manufacturing facility in the state.
The MoU was signed at the ongoing World Economic Forum (WEF) Annual Meeting in Davos, in the presence of Maharashtra Chief Minister Devendra Fadnavis.
Under the MoU, Milky Mist will establish a 10 lakh litre per day milk processing plant, expandable up to 25 lakh litre per day.
The plant is proposed to be established on 48.15 acres of land to be allotted by MIDC.
"The total project investment is estimated at Rs 1,130 crore and is expected to generate direct employment for about 800 people," the company said.
Milky Mist has filed a draft red herring prospectus (DRHP) with SEBI to launch its initial public offering (IPO) for raising around Rs 2,000 crore.
The company operates a fully automated processing facility in Perundurai, Erode, Tamil Nadu. PTI MJH MJH BAL
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