RP-Sanjiv Goenka Group enters FMCG sector with snacks, to pump in Rs 10,000 cr over 7 years
The company forayed into packaged food business under new entity, Guiltfree Industries Ltd
Kolkata: The RP Sanjiv Goenka Group on Monday entered the FMCG space by launching two products and plans to pump in Rs 10,000 crore in the sector over the next 5 to 7 years.
The company forayed into packaged food business under new entity, Guiltfree Industries Ltd, and as of now none of the listed group firms have any stake in it.
Group Chairman Sanjiv Goenka said the company began its FMCG journey with healthy snack brand Too Yumm. Bullish about healthy food sector of the country, Goenka said the group was aiming at US $1 billion in sales from FMCG in the next five years.
Goenka said the group would enter into other FMCG segments like personal care and healthcare in due course. He also said acquisitions were on cards and the company was evaluating many targets having regional and national brands mainly in the food space. Brand, distribution and infrastructure is what the group is looking at. "Well, not foolish about acquisitions, but are hungry, " Goenka said,declining further.
On Monday, two products Foxnuts and Wheat Thins with six other variants under Too Yumm were launched from outsourced manufacturing facilities. Some 10 more products with 40-50 variants are in the pipeline for the next 12 months. These products will be launched on 13 April in Kolkata and Pune and on 17 April in the NCR region.
Initially, in 15,000-20,000 outlets the products will be available, while the same will be ramped up to one lakh stores in 40 cities in a year's time.
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