Lotte India Corporation Limited, a subsidiary of South Korean multinational giant Lotte Confectionery Limited, on Wednesday inaugurated a new facility at Nemam village near here. The company has invested around $70 million (around Rs 322 crore) in the facility. The company said it was interested in Indian hotel and retail sector.
Lotte group's vice chairman Dong Bin Shin said that the new plant has a capacity of 1.8 lakh cartons of Lotte chocopie which would be exported to Middle East and African nations, besides catering to the domestic market.
The plant was manufacturing candies and currently has a market share of around 10 percent in the country and 20 percent in the southern states.
“This facility will enable the company to capture five per cent of market share in biscuits by next year,” said Shin.
Commenting on diversification, Shin said that, “Lotte was looking at the hotel industry and the group is interested in retail but there are regulations. The group is likely to investment further after consolidating in two years time,” he said.
Lotte Confectionery is the Lotte group’s flagship company in foods and beverages category. Lotte Confectionery, Korea, was established in 1967 and has over 500 products produced at five plants in Korea.