Diversified conglomerate ITC would invest Rs 550 crore at its food processing plant in Odisha's Khurda district over next 2-3 years while Britannia Industries would pumped in Rs 60 crore of investments at its existing facility in the same district for expansion, an official said on Monday.

"ITC has announced Rs 550-crore investments in its plant in Khurda district over the next three years while Britannia Industries also announced to invest Rs 60 crore at its existing plant in same district," state MSME department Additional Chief Secretary L.N. Gupta said.

The state has 10 agro climatic zone with all raw materials for food processing industry, he said.

Multiple policy initiatives were announced including extension of Capitalinvestment Subsidy at 33 per cent ofcapital investment made in plant and machinery up to a limit of Rs 3 crore to differently-abled, technical degree/diploma holder entrepreneurs, providing subsidy to self-financed food processing enterprises and unit, he said.

According to official of the state government, the Adani Group has committed to develop a Rs 500-crore airstrip for captive use at Dhamra Port.-IANS