Procter & Gamble India announced a ₹2,000 crore investment to build a personal healthcare manufacturing plant in Gujarat, a state in western India.
What Happened? Per a Reuters report, the company aims to produce digestive products, which belong to the global healthcare product portfolio of its parent company, P&G, at this new facility.
Procter & Gamble India plans to bring a new 50,000-square-meter manufacturing facility in Sanand, Gujarat into operation within a few years. The company that makes Whisper sanitary napkins, revealed that the factory would serve as a global export hub for P&G.
See also: If Your Dad Invested ₹10,000 In Tata Motors A Decade Ago, Here’s How Much You’d Have Today
"This facility will be operational over the next few years and is set to become a global export hub for P&G, as it will assist P&G India in serving consumers worldwide," the company said in a statement shared with Business Outreach.
The investment for the new plant will come from an unlisted company. Therefore, this financial commitment won’t impact any publicly listed companies within the P&G group in India.
The development arrives after rival Nestle SA announced intentions to invest ₹5,000 crore in India over the next three and a half years to accelerate its core business and capitalise on fresh development prospects in September 2022.
Read next: Finance Ministry Pauses 20% TCS On Credit Card Payments Abroad: What You Need To Know
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.