Jul 12, 2012, 08.23 AM | Source: PTI
French cosmetics giant L'Oreal has evinced interest in setting up a facility in Himachal at an investment Rs 400 crore, a state minister said today.
The company plans to invest Rs 400 crore in the manufacturing plant in the industrial belt of Baddi in Solan district, its first unit in northern India, state Industries Minister Krishan Kapoor told reporters here.
"The company is looking for suitable land and had seen two three sites and the government is also assisting L'Oreal in selecting land for the unit," he added.
This will be the company’s second plant in India after Pune, which has a 250-million-unit manufacturing capacity.
As per company's proposal, the proposed unit in Himachal would provide direct and indirect employment to 700 people.
Apart from L'Oreal, another major group Indorama Industries, the world’s largest producer of polyester, which has invested Rs 400 crore in its greenfield plant in Baddi, is now investing more than Rs 1,000 crore in three phases of expansion," he added.
The units set up by Indorama Industries, a subsidiary of the Singapore-based Indorama Corporation, produces spandex filament yarns at Baddi.