Milky Mist's Rs 1,130 Crore Dairy Plant Project in Maharashtra

Milky Mist Dairy Food Ltd plans to invest Rs 1,130 crore in a new milk processing plant in Maharashtra. The project, a significant expansion effort, is outlined in a memorandum of understanding with the state. This initiative is set to create employment for approximately 800 individuals while ramping up production capacity.

Milky Mist Dairy Food Ltd has announced a significant investment of Rs 1,130 crore to establish a new processing plant in Maharashtra. This move is part of the company's ambitious expansion strategy.

According to a statement released on Friday, the company has entered into a memorandum of understanding (MoU) with the Maharashtra government to develop this large-scale milk processing and dairy products manufacturing facility. The announcement was made at the World Economic Forum's Annual Meeting in Davos, attended by Maharashtra Chief Minister Devendra Fadnavis.

The new plant will be capable of processing 10 lakh litres per day initially, with plans to expand up to 25 lakh litres per day. The project is to be established on a 48.15-acre site allotted by MIDC, aiming to generate direct employment for around 800 people. Milky Mist has also filed a draft red herring prospectus with SEBI for a planned IPO worth approximately Rs 2,000 crore. The expansion plans will enhance their existing operations at the fully automated Perundurai facility in Tamil Nadu.

(With inputs from agencies.)