CG Foods, one of the leading noodles and snacks Company in Eastern India, set up by Singapore-based Cinnovation Group, is all set to invest Rs 40 crore for establishing a manufacturing plant in Gujarat. The investment will be made over the period of next three years.
Spread over an area of 5 acres, the new manufacturing plant will have a production capacity of 120 million packs and the plant is expected to be operational by September 2012. The company has also signed a memorandum of understanding with Gujarat government for the plant. The company is expanding its facility by setting up a unit in Gujarat in addition to its already two functional manufacturing plants in Assam and Sikkim with a combined capacity of 270 million packs. As per the MoU, the Gujarat plant will be built with an investment of Rs 40 Crore over 3 years reiterating the company's commitment to strengthen its operations in India.
This manufacturing base is also expected to export to Middle East, Africa and Europe. This proposed food complex will generate direct employment to more than 500 people in the first phase and contribute to the prosperity of Gujarat.
Speaking about the new manufacturing unit opening, Nirvana Chaudhary, managing director, Chaudhary Group, said, "By opening the new facility in Gujarat, we will be able to increase our geographic presence especially in the Western region, enhance our competitive edge in India." CG Foods has a turnover of Rs 150 crores in India and a global turnover of Rs 350 crores. The company plans to grow to Rs 1,000 crores in next three years.