German processed foods maker Dr Oetker is looking to make India one of its top 10 markets in coming years as it targets Rs 1,000 crore sales by 2020, said a top company official.
The firm, which is upbeat after its domestic unit reported the fastest growth globally in 2017, plans serve around 35 million customers driven by expansion of sales network, product portfolio, export and acquisitions.
Besides, Dr Oetker is also exploring opportunities for store-within-a-store retail format, and is in talks with some retailers.
"I can see India being one of our top 10 markets," Dr Martin Reintjes, Member of the International Executive Board of Dr Oetker told PTI.
He did not give a timeline for the progress, but indicated it could be sooner.
At present, India is among the company's top 20 markets. And last year the company reported the fastest growth rate here, he added.
"India is the fastest growing market unit of Dr Oetker... considering Dr Oetker is present in 40 plus countries world wide and sells in more than 50 markets, there is competition for growth from other markets, and India is performing very well," Reintjes added.
The company, which follows the January-December financial year, had a sales of Rs 200 crore in last year.
Dr Oetker has recently started a new manufacturing plant in Kaharani, Rajasthan, which has a present capacity of 46,000 tonnes. The company has invested around Rs 250 crore in the facility.
On further investments here, Dr Oetker India Managing Director and CEO Oliver Mirza said, the company would continue to invest in the Indian market and is also open to acquisitions to chase its growth plans.
Dr Oetker, which which entered India in 2007 by acquiring Delhi-based Fun Foods, is also now presence in 489 cities with its range of Western sauces and spreads.
At present, 85 per cent of its sales come from the retail segment and rest come from the HoReCa (Hotel, Restaurant and Catering) segment.
As part of expansion of its product portfolio, the company has launched a complete new range of ten zero-fat dressings today.
The company is also looking the export opportunities in the retail side and soon start shipping to Sri Lanka besides Nepal and Malaysia.
Disclaimer: No Business Standard Journalist was involved in creation of this content
