Business conglomerate ITC will invest Rs 8,000 crore in Telangana for expanding its paper plant capacity and setting up of a new hotel, company Chairman Y C Deveshwar said on Friday.
"As a commitment from ITC we assure you that we will be investing Rs 8000 crore in the state of Telangana. We will expand our paper plant capacity and set up a new hotel in Hyderabad," Deveshwar said during the launch of Telangana's new Industrial policy in Hyderabad.
Later talking to PTI on the sidelines, he said paper plant expansion itself would need around Rs 4,500 crore.
The ITC stock closed 0.03 per cent higher on the BSE.
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