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CG Corp Global plans to invest Rs 200 cr to set up two new mfng plants in India
Nepal-based CG Corp Global plans to invest Rs 200 crore to set up two new manufacturing plants in West Bengal and Uttar Pradesh. The company's FMCG arm CG Foods is eyeing Rs 1,500 crore revenue from its popular noodles brand Wai Wai in one year's time as its aims to become a multi products company.
"We are investing every year in ramping up capacity. Our capacity is growing by 40 per cent every year... Our strategy of being close to the market will continue... We intend to invest Rs 200 crore to set up two plants in a year's time in West Bengal and Uttar Pradesh," CG Corp Global Chairman Binod Chaudhary told PTI.
Elaborating on growth outlook for the FMCG arm, Chaudhary said: "We hope to achieve Rs 1,500 crore (revenue) mark in the next one year's time for Wai Wai. Wai Wai will become a multi products company."
Chaudhary said CG Foods plans to launch new food products including biscuits and spices.
Wai Wai brand had recorded a revenue of Rs 1,000 crore in the previous fiscal year.
Chaudhary said having manufacturing plants spread across the country helped CG Foods clock strong revenue growth of 40 per cent in the previous fiscal despite the COVID-19 pandemic.
"One of the keys factor supporting our fast growth is our presence" which is widely spread across the country, he added.
CG Foods at present operates manufacturing plants in seven locations in India.
Last week, Chaudhary Foundation, CSR arm of the CG Corp Global, announced it will donate over USD 1 million (around Rs 7.3 crore) to combat the second wave of COVID-19 in Nepal.
The foundation said it is also rigorously working to extend its COVID-19 relief response to the people of India.