FMCG major Britannia Industries plans to set up its largest plant at Ranjangaon Food Park in Maharashtra with an investment of Rs 1,000 crore, a company official said on Monday.
"The company is planning to set up its largest plant at the Ranjangaon Food Park...," company Chairman Nusli Wadia told shareholders at the 98th Annual General Meeting here.
Addressing a press conference here, the company's Managing Director Varun Berry later said: "We have made application to Maharashtra government and we are looking at a mega food park.
"It (plant) would be made with an investment of Rs 1,000 crore and the investment would go in for four to five years."
To start with, the plant will have six biscuits lines, one cake line and one filled croissants line, Berry said.
The biscuit maker is also looking at putting up a plant in Nepal and Rs 55 crore would be invested in the Himalayan country, he said.
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The company entered into a joint venture agreement with Chipita S.A., a Greek company, for the manufacture and sale of ready-to-eat filled croissants which is a very large category in certain countries demographically similar to India.
According to the company's latest annual report, it will continue to scout for many such profitable growth opportunities to ensure that it stays ahead of the market while transforming itself into a total foods company.
Wadia said that the focus of the company would be on investments on new products and cost reduction. He also said that the company was planning to set up a dairy project.
Berry said progress in the dairy project was to the tune of 85 per cent.
"If we have dairy back-in, it is going to be Ranjangaon," he said adding that the belt is known as the highest cow milk producer across the country.
According to Berry, the company acquired 96 acres of land for the Ranjangaon project and is looking at another 48 acres.
The company remains committed to the strategy of strengthening its position in bastion categories - biscuit, cake, rusk and bread, the report said.
Wadia said the company has the higher ratio for own manufacturing as compared to third party manufacturing.
Presently, own manufacturing constitutes about 55 per cent and in two years' time, it is expected to be 65 per cent.
The report also said a greenfield plant was underway in Assam.
To improve the company's competitiveness in the international market, a greenfield project in the Mundra Special Economic Zone was being put up and was expected to be commissioned in the coming year, it added.
Berry said the implementation of the Goods and Services Tax (GST) has had short term impact in June and July.
--IANS
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