Britannia to invest Rs. 1,000 crore on Ranjangaon plant
7 Aug 2017 5:09 PM GMT
Leading FMCG company Britannia Industries will invest Rs 1000 crore at its proposed largest plant at the Ranjangaon food park in Maharashtra, a company official said.
"There will be an investment of Rs 1000 crore at the Ranjangaon food park over a period of four to five years with an employment potential for 3000 people", MD of Britannia Industries Varun Berry told reporters after the company's AGM here on Monday.
The plant would have six biscuit lines, and one each for rusk and croissant, he said, adding that plans were there for a flour mill and a dairy unit also.
The company would make a capital expenditure of Rs 400 crore in the current fiscal, he said.
Britannia was already having 98 acres there and another 48 acres would be added, Berry said.
Besides, Britannia would set up its first greenfield unit in Nepal, he said, besides commissioning two plants one each at Mundra and Guwahati.
Post completion of all the plants, total biscuit manufacturing capacity would be 13 lakh per annum.
Earlier at the AGM, chairman of Britannia Industries Nusli Wadia said that the JV with Greek company Chipita would come up at the food park and be commissioned in June 2018.
He said that the company had been to gain market share year-on-year making it the leader in the country.
Wadia said the main focus of the company would be cost saving and product innovation. He said that the company would go for consolidation of its brands in its portfolio.
Quarterly net dips by 1.4% to Rs.216 cr
FMCG major Britannia Industries Monday reported a 1.40 per cent decline in consolidated net profit at Rs 216.12 crore for the June quarter, impacted by the GST rollout and subdued growth in international business.
The company had posted a net profit of Rs 219.21 crore in the April-June period a year ago, Britannia Industries said in a BSE filing. Its net sales were up 6.41 per cent to Rs 2,300.93 crore as against Rs 2,162.16 crore in the corresponding period of the previous fiscal.
"It has been a good quarter in the face of challenging market environment and de-stocking in trade due to GST. While GST created a short term impact, it is expected to generate a positive momentum going forward," Britannia Industries' MD Varun Berry said.
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