Tata Soulfull, the group’s millets-based packaged food brand, is set to operationalise its second plant with a 2,000 million tonne annual production capacity in Madhya Pradesh’s Indore in 10-15 days, its managing director and chief executive Prashant Parameswaran told DH.
So far over 80% of Tata Soulfull’s manufacturing takes place at its Bidadi plant on the outskirts of Bengaluru in Karnataka. The 2021 entrant in the segment is also eyeing a 100% growth in market share in the fiscal ending March FY24, Parameswaran said.
The brand has also added a new product in its kids division portfolio - Tata Soulfull Ragi Bites Choco Sticks - which is set to hit store shelves within 7-10 days. Furthermore, it is assessing over six new categories for expanding its range of offerings, he added.
“Over the next 12 months, I think we will enter in at least another 2-4 more categories,” Parameswaran said.
The company supplies its products to 4-5 lakh stores across India, receiving uniform sales from the five zones of east, west, north, south and central India. Parameswaran said that it sees 50-60% of sales for its masala oats outside of the top 8-10 metros.
Talking about challenges in the segment, Parameswaran said that incomes of farmers who’ve taken to cultivation of jowar, bajra, ragi, etc must be protected.