Belgium's Puratos, the second biggest bakery major globally, will spend Rs 250 crore for expanding its business in India, a top official said today.
The 95-year old company, which supplies ingredients to bakers, confectioners and retailers worldwide, has presence in 100 countries. It entered Indian market five years ago.
Puratos has manufacturing facility and R&D unit in Mumbai.
"India is an important market for us and we are planning to expand our business here. We will invest about Rs 250 crore in three phases," Puratos India, Country Head, Dhiren Kanwar told PTI after the launch of its new products at 'Aahar 2014'.
The business-to-business (B2B) company aims to set up another plant in Mumbai and one innovative centre each in Bangalore and Delhi, he said without elaborating further.
Stating that there is huge market in India, Kanwar said, "We have a research and development centre here to develop products as per Indian taste. We are growing 4-5 times faster than the industry and we plan to launch more products."
Puratos India today launched 'Tegral Puravita whole wheat mix' and 'Carat coverdark compound chocolate', taking their total product range in India to 80 across three verticals - bakery, patisserie and chocolate. The company plans to launch four more products in the coming months.
Currently, the company supplies a wide range of products to firms including McDonald's, Subway, KFC, Cafe Coffee Day, Starbucks, Dunkin Donuts and Krispy Kreme, Kanwar said.
Puratos Group, a family-owned business, is selling around 6,000 products across the globe. The company feels that there is more scope in India as the market is evolving very fast with people having an open mind and keen on exploring new products and taste, he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
