Priyagold to launch chocolates by Nov; aims Rs 10 cr revenue
Surya Food & Agro, leading biscuit manufacturer of the 'Priyagold' brand, will launch chocolates and wafers in November as part of its plan to expand the product portfolio.
By PTI |
NEW DELHI : Surya Food & Agro, leading biscuit manufacturer of the 'Priyagold' brand, will launch chocolates and wafers in November as part of its plan to expand the product portfolio.
The Noida-based company, which has a turnover of Rs 400 crore, is aiming the new products to register a revenue of Rs 10 crore by Mar 31.
"Our chocolate and wafers will be introduced in the market when our Haridwar plant commences operations in November," company's director Shekhar Agarwal told media.
He said about 10 variants of chocolates and wafers would be launched. "Initially, our target is the north Indian market where Priyagold has a stronghold," he added.
Agarwal said the company has invested Rs 30 crore in the project for installing modern machineries for the 10 tons per day capacity plant at Haridwar.
ADVERTISEMENT
Further he said the chocolates and wafers would be sold under 'Priyagold' brand with a separate sub-brand for each variant.
He, however, refused to disclose the names of variants, but said they would be similar to existing names of big
players like Nestle and Cadbury.
Priyagold will keep the priceline of its chocolates same as offered by other leading players, he said but added, "Our products will be cheaper as they would have more quantity in weight."
ADVERTISEMENT
For distribution the company would leverage on the existing network of Priyagold biscuits and offer more discount to retailers so that they are attracted to keep the products.
In the wafer segment, which is flooded with imported products from Malaysia and Dubai, south India's Duke is a leading player.
ADVERTISEMENT
The biscuit manufacturer, which also makes juices, has a considerable market share in Delhi, Uttar Pradesh, Haryana, Punjab and Rajasthan.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
