Ravi Foods, a manufacturer of biscuits, wafers and confectionery under the Dukes brand, has sewn up plans to invest about ₹250 crore in expansion and setting up of a mega food park near here.

The company brand Dukes was recently named amongst the world’s 100 Greatest Brands 2017-18 Asia and GCC, organised by AsiaOne magazine, where PwC was the process reviewer.

Ravinder Agarwal, Managing Director of Ravi Foods, said, “The company closed last financial year with revenues of Rs 1,500 crore and plans to double this within next three years, by expansion of its existing retail network, diversification into new products, and setting up of a new manufacturing facility.”

“We have acquired a 100 acre site at Kothur near Hyderabad where we plan to set up a new greenfield plant and also expect to relocate couple of units from Kattedan. This will take the capacity up from 15,000 tonnes a month to 25,000 tonnes a month and see the addition of 10 t with the new plant,” Agarwal said.

Speaking to BusinessLine, Agarwal said, “The market where the company operates is estimated at about ₹45,000 crore and growing at about 10-12 per cent a year. It provides an established player like us with immense scope to expand, diversify and garner a bigger market share.”

Of the ₹1,500 crore revenue, the company’s exports account for about ₹400 crore. Of the 10 units, two of the company’s facilities are US FDA approved. About ₹600 crore comes from its own brand sales and the rest ₹500 crore from contract manufacturing that the company handles for Britannia, Parle and ITC.

The 30-year-old company employs about 2,200 people and expects this number to go up to 4,000 over the next few years as it sets up new facilities.

Apart from setting up new facilities, the company, which has a presence across five lakh retail outlets expects to double the number and is also seeking to increase its exports volume from ₹400 crore to ₹800 crore.

Mohammed Rafatullah, CEO of Ravi Foods, said “We are in a branded and commoditised market and this provides us reach in the Tier II cites and rural parts of the country.

Source: https://www.thehindubusinessline.com/companies/ravi-foods-to-invest-250-cr-in-expansion/article24135735.ece