Story by Bruce Chahwanda
BEVERAGE giant Varun Beverages has committed US$650 million towards a new beverages plant and a 500-megawatt solar power project, with ground-breaking scheduled for the second quarter of this year.
The investment was disclosed when company executives paid a courtesy call on President Emmerson Mnangagwa at State House on Thursday, where they also presented a portfolio of new products beyond traditional soft drinks.
Briefing journalists after a closed-door meeting with the President, Varun Beverages Chairperson Mr Ravi Jaipuria said the company has already invested US$15 million in a snacks production line and earmarked US$250 million for a new beer plant.
“We came here to ask His Excellency Comrade Emmerson Mnangagwa to come and inaugurate our snacks plant, which has started and has a capacity of 6,000 tonnes, and which has already started manufacturing and we are already in the market and doing extremely well under the brand name of Cheetos. We’ve also requested His Excellency to come for the ground-breaking ceremony for our beer plant, which has been tied up with Carlsberg.
“We are hoping His Excellency will give us time in April or May to come and inaugurate the beer plant, where we plan to invest US$250 million. The snack plant was about US$15 million. Yes, the snack plant will give about 100 people employment, but the beer plant will give about 2,500 people employment. But it will help the farmers and the same thing in the snack plant also, all the 6,000 tonnes, the maize is purchased locally from the farmers, so it will help the farmers grow the business,” said Mr Jaipuria.
The beer plant will be developed in partnership with Danish brewing company Carlsberg, marking Varun Beverages’ entry into large-scale beer production in Zimbabwe.
In addition to beverages, the firm has signed a joint venture agreement with INOX to establish a 500MW solar power project in the country.
“We have also told His Excellency that we have signed a joint venture with INOX for putting solar project here, solar power. We are starting our solar power first plant, first layout and for first part at 200 megawatt which will be started this year. And in three years, we will complete 500 megawatt which will be commissioned in this country. That will take about 350 to US$400 million,” Mr Jaipuria said.
The first 200MW phase is expected to commence this year, with full completion of the 500MW project targeted within three years at an estimated cost of between US$350 million and US$400 million.
Over the past decade, Varun Beverages has emerged as one of Zimbabwe’s major private investors, expanding manufacturing capacity and widening employment opportunities across its operations.
Zimbabwe continues to position itself as an attractive investment destination under policies pursued by President Mnangagwa’s administration, with large-scale manufacturing and renewable energy projects forming part of the country’s industrial growth trajectory.
