Andhra Pradesh-based Ambica group of companies has set a target of Rs 100 crore turnover over the next two years from the current Rs 60 crore.
To achieve this, the company would add new product variants and expand its presence all across the country. It would launch ‘Fine green’- an eco-friendly aroma aggarbattis - in the state on November 12 through Fine Aromas, its group company.
The company has invested Rs 5 crore in a manufacturing plant at Eluru in AP, with production capacity of 400,000 incense sticks (worth of Rs 3.5 lakh) per day. “We have test marketed this product with 2,000 consumers in AP and got a good response,” Ambica Krishna, chairman, Ambica group, said.
“Currently, we are unable to meet the demand due to shortage of raw material and manpower. However, we look forward to enter potential segments with this strategic brand,” Krishna added.
Fine green, the patented eco-friendly incense stick, would be launched across the country in the next three to six months. “We have already exported 4,000 containers to Malaysia and African countries and are in talks to export them to European markets,” Ambica Ramachandra Rao, managing director, Ambica group, said.
The company is also looking at a 25 per cent market share in the Rs 800-crore organised incense stick industry.