Innovative Foods Ltd to set up new plant in Chittoor
Food processing player Innovative Foods Ltd (IFL) today said it is setting up a new manufacturing plant in Chittoor district of Andhra Pradesh as it eyes to double its turnover to about Rs 200 crore over the next two years in frozen food segment.
IFL now has its own full-fledged manufacturing unit in Kochi.
"We are now setting up a new facility in Chittoor in Andhra Pradesh which will come up in next five to six months and we look to start commercial production over the next two quarters," IFL Vice President (Sales and Marketing) Saurabh Kumar told reporters here.
IFL, which markets their frozen food range under the Sumeru brand, today launched a new line-up of their frozen parathas in the city.
The company which claims to have 10 per cent market share in frozen food segment, expects to log turnover of Rs 100 crore in the current fiscal and aims at doubling its market share over the next two years.
"We look to exit this fiscal with a turnover of Rs 100 crore. Over the last two years we have doubled the business and again over the next two years the target is to further double the turnover to about Rs 200 crore," Saurabh said.
"At the new manufacturing facility, we will start with parathas and going forward we would extend production to other products," Saurabh said.
"At the upcoming plant, we want to shift lot of our production (from Kochi) to the new facility. Once our Chittoor facility comes up the entire parathas are going to be produced there," he signed off.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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