Beverage giant Varun Beverages has announced a massive US$650 million investment package, which includes a new beverages plant and a 500-megawatt solar power project, with ground-breaking scheduled for the second quarter of the year.
The investment details were revealed during a courtesy call on President Emmerson Mnangagwa at State House, yesterday, where the company also showcased an expanded product portfolio beyond its traditional soft drink lines.
Speaking to journalists after the closed-door meeting, Varun Beverages Chairperson, Mr Ravi Jaipuria, said the firm has already injected US$15 million into a new snacks production line and earmarked US$250 million for a beer plant set to reshape Zimbabwe’s beverages industry.
“We came here to ask His Excellency Comrade Emmerson Mnangagwa to inaugurate our snacks plant, which has a capacity of 6,000 tonnes and is already manufacturing under the Cheetos brand. We’ve also requested His Excellency to come for the ground-breaking of our beer plant, which has been tied up with Carlsberg.
“We plan to invest US$250 million in the beer plant. The snack plant was about US$15 million. The snack plant will employ about 100 people, but the beer plant will create about 2,500 jobs. It will also help local farmers, as all maize for the 6,000-tonne snacks plant is sourced locally,” said Jaipuria.
The new beer plant will be developed in partnership with Danish brewing giant Carlsberg, marking Varun Beverages’ entry into large-scale beer manufacturing in Zimbabwe.
Expanding beyond beverages, the company is also moving into renewable energy. Mr Jaipuria confirmed that Varun has signed a joint venture with INOX to roll out a 500MW solar project.
“We have told His Excellency that we signed a joint venture with INOX for a solar power project. We are starting with a 200MW first phase this year, and within three years we will complete all 500MW. This will cost between US$350 million and US$400 million,” he said.
The first 200MW phase will begin this year, with full commissioning of the 500MW project expected within three years.
Over the last decade, Varun Beverages has become one of the largest private investors in Zimbabwe, consistently expanding production capacity, creating jobs and strengthening value chains across the economy.
The latest investment aligns with the Government’s drive to position Zimbabwe as a competitive investment destination under the Second Republic, with large-scale manufacturing and renewable energy projects forming key pillars of the country’s industrial growth trajectory.
