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Amway India to invest `400 crore in TN unit

Statesman News Service |

statesman news service
KOLKATA, 12 JUNE: Amway India Enterprises has formally announced the beginning of construction of the manufacturing facility by Shapoorji & Pallonji today at a ground-breaking ceremony. The company plans to invest about Rs 400 crore in the first phase at Nilakottai in Tamil Nadu.
The company had acquired 49.4 acres of land in 2012 after signing an MoU with the State Industries Promotion Corporation of Tamil Nadu.
Speaking on the occasion Mr William S Pinckney, MD & CEO Amway India said in a statement: "We are looking forward to complete the first phase of construction activity by 2014-end to enable launch of this facility by early 2015, while the later element of the project will be completed by the end of 2015. This investment of Rs 400 crore is from internal accruals and is a showcase of our continuing commitment to the Indian market."
The new facility is expected to generate 475 jobs and will consist of nine production lines for nutrition, cosmetics and oral care products.
The plant will have a capacity to manufacture 1.2 billion tablets and soft gels and seven million canisters of drink mixes in the nutrition segment. In the cosmetics segment, it will have 19 million tubes, jars and bottles and in personal care, 60 million tubes of Glister toothpaste.
Amway clocked a turnover of Rs 2,288 crore, registering a seven per cent year-on-year growth, with a steady 20 per cent CAGR over a five year period.