Nestle India Ltd., a key player in the FMCG industry, said that the Industrial Promotion & Investment Corporation of Odisha Ltd. has given its preliminary approval for the establishment of a food processing facility in Mundaamba, in the Khordha district of Odisha.

In an exchange filing, Nestle India stated that the food processing facility in Odisha will be built for an estimated investment of Rs. 894.10 crore, pending the company's satisfaction of usual requirements.

Due to strong volume growth and pricing, Nestle India's net profit for the first quarter increased by 24.69% to Rs 736.64 crore.

This is the highest growth for Nestle India in any quarter in the last 10 years, except the quarters of 2016 which was off a low base in 2015 due to the Maggi crisis.

Currently, Nestle India is present in 90,000 villages and gets around 20 percent of its sales from rural areas and expects this to go up by around 25 percent.