“Innovate Foods“ Will Open Plant by Dec in Chittoor Food Park

Mega Food Park is an inclusive concept and a scheme of the Ministry of Food Processing of the Government of India, aimed at establishing a “direct linkage from farm to processing and then to consumer markets” Innovative Foods Ltd., incorporated in the year 1989, is a Small Cap company operating in the Aquaculture sector.

Innovative Foods Ltd. key Products/Revenue Segments include Vegetable Products, Marine Products, and Pickles Cochin-based Innovative Foods, which markets frozen food under the brand Sumeru, is setting up its second manufacturing facility with a capacity of 300 tons in Chittoor district of Andhra Pradesh after Kochi, announced a top company executive

The facility is expected to be operational by the end of the year and will manufacture their new range of frozen parathas and various other products.

Saurabh Kumar, vice-president, sales, and marketing, Innovative Foods Ltd., said, “We will be opening our second plant at mega foodpark in Chittoor by December that will manufacture all range of our frozen products. This is to drive our growth and double our turnover this fiscal.”

The Peepul Capital-backed company aims to double its revenues to Rs 100 crore this fiscal as against around Rs 50 crore last year by entering newer geographies like tier-II cities and bringing on board new partners for their business to business (B2B) segment.

However, the industry received a setback with the Goods and Services Tax (GST) as average taxes went up by 6-7%. “We are feeling the pinch as we are taking a hit on our margins given we haven’t increased the prices with an Inc.
According to TechSci Research, India’s frozen food market is projected to grow at a CAGR of around 15%, during 2016-2021, owing to increasing number of modern retail chains, rising number of refrigeration facilities in small retail shops and rapid development of fast food chains. The industry size is estimated at around Rs 800 crore.

According to TechSci Research, India’s frozen food market is projected to grow at a CAGR of around 15%, during 2016-2021, owing to increasing number of modern retail chains, rising number of refrigeration facilities in small retail shops and rapid development of fast food chains. The industry size is estimated at around Rs 800 crore.

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