FMCG Firm, Cremica Food Industries Ltd, stated that it is looking to go for an IPO in the next two years. To strengthen its product portfolio, the packaged food company is expanding into categories such as fruit jams and specialised flavoured syrups used in beverages.
The company would start a food park in Una district of Himachal Pradesh next month and also for this the company has made an investment of Rs 100 crores.
The food park is spread across 55 acres and it will include the modern and finest food processing infrastructure for tomatoes, fruits and vegetables, to venture into allied value-added product categories in the coming 1-2 years. The core facility that is coming in the food park is a fruit and vegetable processing line with a capacity of up to 40 tonne per hour.
Akshay Bector, Chairman and Managing Director, said, “We are on a firm and well-defined growth trajectory. We expect to close this fiscal with revenues of about Rs 300 crores and have been growing at a steady growth pace of over 20 percent year-on-year.”
The company is expecting to generate its consolidated revenues over the Rs 600-crore-mark in the next two years, which will include revenues generated by its mega food park.
Bector said, “Overall, the food park will galvanise investments of about Rs 200-300 crores.” he also added, “We aim to garner a 10 percent market share in the next two years in the jam segment.”
The company has also tied up with the French Syrup maker Maison Routin to launch specialised syrups which will be targeted at bars and cafés. Bector said, “This is a high value business and gives us a play in the beverages space. We expect this segment to be a significant revenue stream in the next three years.”
Bector also added, “We may look at value-added frozen food products or ready-to-cook products in the next few years.”