McCain Foods India today said it will increase it product offerings in India and enhance manufacturing capacity accordingly as it looks to double business every year.
The firm that claims to have 25% market share in the estimated Rs 1,000 crore Indian frozen foods segment, said it will consider launching other items based on paneer and soya platforms besides the frozen idli-sambar combo introduced today for the Delhi and NCR region.
"Our ambition is to double our business every year. If we want to double out business in the country we need to launch new products every four to six months," McCain Foods India Managing Director Vikas Mittal told reporters here.
The company, which is a subsidiary of McCain Foods Canada, currently sells frozen products, including french fries and potato specialties in the country.
"The frozen food market in India is estimated to be around Rs 1,000 crore, in which McCain currently has a market share of 25%," he said.
In the vegetarian segment that is estimated to be around Rs 500 crore, the company has 60% share, Mittal claimed.
On product portfolio expansion, he said the company plans to launch various products, including paneer and soya based items.
Mittal said the company is also also looking to ramp up production capacity of its manufacturing plant in Gujarat that was set up in 2008 with an investment of Rs 140 crore.
He, however, did not share by how much the capacity will be increased. The plant currently has an annual capacity to process 40,000 tonnes of potato.
The company is also looking to double its retail presence in the country from the current 5,500 outlets -- a mixture of both modern retail outlets and traditional stores, he said.
McCain Foods Canada employs over 19,000 people globally and has turnover in excess of 6 billion Canadian dollars.
