India: Cremica ramps up capabilities

Cremica to invest USD 31 million to open food park and processing unit

Mayonnaise and ketchup maker Cremica Food Industries is investing INR 200 crore (USD 31 million) to open a food park in the Una district of Himachal Pradesh, near New Delhi, and a food processing facility in Noida. The investment in the food park is a step to create new industrial capacity that the company will be requiring in the future.
 
The move to set up the food park with INR 150 crore (about USD 24 million) investment is aimed at ramping up the company’s tomatoes, fruits, and vegetable processing capacity as it looks to increase its market share and retail penetration. "The line which is under installation right now will be able to process up to 50 000 tonnes of tomatoes every season. Overall the facility should be able to process around 100 000 tonnes of fruit and vegetables every year," explained Akshay Bector, Chairman & Managing Director of Cremica Foods. The food park, spread across 60-acres of land, will begin initial operations from the end of May this year.
The company hopes to close its financial year with revenue of INR 250 crore and is confident the company will grow at an annual rate of 30% for some years to come.

Source: retail.economictimes.indiatimes.com