CG Corp Global to list Indian subsidiary on bourses by 2020, expand offerings

Besides, CG Corp Global (the parent company), also has plans to enters segments such as personal care, home detergents (with a new brand) and to diversify its popular brand Wai Wai into segments as ready-to-eat food and others, including cereals.

CG Corp Global to list Indian subsidiary on bourses by 2020, expand offerings
CG Food India has a turnover of around Rs 1,000 crore, Image source: Official website
Written By: PTI
Updated: Sun, Dec 02, 2018
01:23 pm
New Delhi, PTI
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CG Food India, maker of the instant noodles Wai Wai, plans to launch its IPO in 2020, and diversify its offerings by extending its product range in several new segments, said a top company official.

The company is expecting to grow production capacity of instant noodles over two fold, from 2.5 billion packets per year to 5 billion packets, by 2020.

Besides, CG Corp Global (the parent company), also has plans to enters segments such as personal care, home detergents (with a new brand) and to diversify its popular brand Wai Wai into segments as ready-to-eat food and others, including cereals.

"Our company CG Food India, which owns our global assets, will go for an initial public offer (IPO) in 2020," CG Corp Global Chairman Binod K Chaudhary told PTI.

CG Food India has a turnover of around Rs 1,000 crore.

The company is forming a joint venture with a European firm for personal care products, and plans to enter the markets by 2019, he added.

"In Nepal, we have already started in all the essential commodities and personal care (through different brand) and food," he added.

CG Corp competes in the instant noodles segment with Swiss FMCG major Nestle, which is the market leader with its Maggi portfolio.

Besides, the company is also setting up manufacturing operations in four markets -- Kazakhstan, Egypt, Sri Lanka and Bangladesh -- to expand its global footprints.

"We have just finalised to acquire a plant in Kazakhstan. The Egyptian government has already given us land, and we are going to be near Cairo in one years' time," he said adding that "in Bangladesh, we are opening this month".

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According to him, Bangladesh plant would cater to the Myanmar market also, while Egypt is for Africa and middle-east markets, and Kazakhstan would serve the Commonwealth of Independent States (CIS) countries.

It also has a plant in Belgrade, Serbia, which caters the east-European market.

"We are expanding our global footprint strategically to reach our 2020 plan to be a 5-billion packet company, which would make us a global firm," Chaudhary added.

CG Foods had set up a Wai Wai plant in Serbia in 2017.

Nepal-based CG Corp Global is a diversified group and has interests in a diverse range of sectors -- including hospitality, banking, FMCG, cement, integrated industrial parks, and real estate.

CG Corp Global is Nepal's first and only billion-dollar corporation and is present in over 30 countries.