FMCG major Nestle India Ltd on Friday, July 14, said it has received an in-principle approval from the IPICOL (Industrial Promotion & Investment Corporation of Odisha Ltd) to set up a food processing unit in Mundaamba of Khordha district, Odisha.

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The food processing unit in Odisha will come up at an investment of about Rs 894.10 crore, subject to fulfilment of customary conditions by the company, Nestle India said in an exchange filing.

Nestle India reported an increase of 24.69 percent in its net profit at Rs 736.64 crore for the first quarter, helped by robust volume growth and pricing.

The company's net sales rose 20.43 percent to Rs 4,808.40 crore during the period under review against Rs 3,962.84 crore in the corresponding period last fiscal.

This is the highest growth for Nestle India in any quarter in the last 10 years, except the quarters of 2016 which was off a low base in 2015 due to the Maggi crisis.

Currently, Nestle India is present in 90,000 villages and gets around 20 percent of its sales from rural areas and expects this to go up by around 25 percent.

Shares of Nestle India Ltd ended at Rs 23,125.20, up by Rs 304.45, or 1.33 percent on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 14, 2023 5:30 PM IST