Srinagar- Leading food and beverage companies, including Varun Beverages, Haldiram’s, Kandhari Beverages (maker of Thumbs Up), and Muttiah Muralitharan’s Ceylon Beverages, are preparing to establish their first manufacturing units in Jammu & Kashmir.
Economic Times reported that Varun Beverages is currently awaiting land allotment, while Haldiram’s Snacks Manufacturing, Ceylon Beverages, and Kandhari Beverages have already received government approvals under the New Central Sector Scheme for Industrial Development of Jammu and Kashmir, 2021.
According to data on the J&K government portal, Varun Beverages has proposed one of the highest investments at Rs 3,394 crore for a manufacturing unit on an 87.5-acre plot, pending land allotment.
Ceylon Beverages is set to invest Rs 1,600 crore in a 25.75-acre can-manufacturing plant, while Kandhari Beverages has outlined a Rs 1,100 crore investment to build a PET bottling facility on 36 acres. “Haldiram’s plans to invest Rs 605 crore in a production unit for snacks and namkeen,” ET reported.
These units can result in a tentative investment of over Rs 20,000 crore, another senior official told the news portal.
Under the industrial development policy for J&K, a company setting up its manufacturing unit in the union territory will receive an incentive equal to 30% of the investment in plant and machinery, with an upper limit of Rs 5 crore. The scheme also offers an interest incentive on working capital credit for five years and a reimbursement of 100% premium on insurance of buildings, plants and machinery for a maximum of five years. Beyond food and beverage makers, yarn and knitted fabric manufacturing company RSWM has been recently allotted 32 acres to set up a production unit. The company has proposed to invest Rs 730 crores.
Last year, Dubai-based Emaar Group announced a plan to open a 1- million sq ft mall in Srinagar. The proposed mall, with an investment of Rs 250 crore, is estimated to generate employment for 7,500 people and is expected to become operational by 2026.
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