US Equity fund to invest USD 10 mn
The company also had plans to foray into into North Indian states, he said.
By PTI |
KOCHI: US-based private equity fund, New Vernon Private Equity Ltd will be investing US 10 million dollars in Eastern Condiments, the flagship company of Eastern Group.
Eastern Group Managing Director Navas Meeran told reporters here that the company had gone for fresh investments to expand and consolidate its core activity of curry power manufacturing.
Eastern Condiments, the largest exporter of packed curry powder to countries in West Asia, would use the new capital for expanding its foot print across the country by starting factories, Meeran said.
"We are focusing the South West corridor as the main area of expansion in the next 3-5 years," he said adding the company had already established a sizeable presence in Mumbai with a sale of 20 tonnes of curry powder in a month.
The company also had plans to foray into into North Indian states, he said.
On the expansion plans, he said the group would start two factories each having 100 tonne daily capacity of curry powders within the next two to three years.
The factories would be set up at Kothamangalam in Ernakulam district and Guntur in Andhra Pradesh. The company presently has a factory at Adimali with a 70 tonne daily capacity.
The group was targeting a turnover of Rs 163 crore in 2006-07 fiscal compared to previous year's turnover was Rs 122 crore. They also target a profit of Rs 21 crore compared to Rs 18 crore last year.
Eastern Condiments is part of the Eastern Group having diversified business interests in areas such as tread rubber, mattresses, garments, packaged drinking water and education.
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