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India: Uttar Pradesh clears decks for PepsiCo's new potato chips plant

The Uttar Pradesh government has cleared the decks for the proposed Rs 500 crore potato chips plant of global food and beverage company PepsiCo’s in the Mathura district. The UP State Industrial Development Corporation (UPSIDC) had already allotted 36 acres of land to the company.

Last month, the state cabinet gave its nod to issue a ‘letter of comfort’ (LoC) to PepsiCo India Holdings Private Limited for the proposed greenfield project under the UP Industrial Investment and Employment Promotion Policy 2017. A LoC is a formal letter acknowledging support for an industrial project.

PepsiCo plans to procure 60,000 tonnes of potato annually from the local farmers for the plant, which is expected to be operational before mid 2021.

While PepsiCo plans to invest Rs 500 crore, independent ancillary units are estimated to bring additional investment of Rs 500 crore, thus totalling Rs 1,000 crore in investment related to the potato chips project.

Read the full report on Business Standard here