New Delhi: HyFun Foods, a leading manufacturer of frozen potato products, has unveiled plans to invest approximately Rs 850 crore to establish three new plants in Gujarat.
This ambitious expansion is aimed at achieving an annual revenue target of Rs 5,000 crore by 2028.
Additionally, the company has announced a Rs 150 crore investment in a water treatment facility in Gujarat to manage waste water from its factories.
With five existing potato processing plants in Mehsana district, HyFun Foods boasts an annual capacity of 2.5 lakh tonne and supplies a wide range of ready-to-cook frozen snacks to high-profile clients including Burger King and KFC.
The construction of a potato flakes plant has already commenced and is slated to be operational within the year. The other two plants, dedicated to french fries and specialised potato products, are expected to be up and running by the end of 2025, HyFun Foods MD and CEO Haresh Karamchandani said.
The company is exploring diversification into non-potato based frozen food items, potentially through third-party manufacturing agreements. This strategy is complemented by its robust supply chain of potatoes sourced from Gujarat, Uttar Pradesh, and Madhya Pradesh, ensuring a steady input for its quality products.
Karamchandani expressed optimism about the company's financial trajectory, projecting a turnover of around Rs 1,300 crore for the current fiscal year, an increase from the previous year's Rs 1,000 crore.
With exports constituting 70 per cent of the turnover, the aim is to balance out domestic and international revenues by 2028, he said.
(Published 06 March 2024, 11:26 IST)
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