Chaudhary Group (CG Corp) a multi-national conglomerate plans to invest Rs 200 crore to build two new manufacturing plants in West Bengal and Uttar Pradesh. The company's FMCG arm CG Foods is eyeing Rs 1,500 crore revenue from its popular noodles brand Wai Wai in one year's time as its focus to become a multi products company.
Binod Chaudhary, Chairman, CG Corp Global expressed "We are investing every year in ramping up capacity. Our capacity is growing by 40 per cent every year...
Our strategy of being close to the market will continue... We intend to invest Rs 200 crore to set up two plants in a year's time in West Bengal and Uttar Pradesh,".
Elaborating on growth outlook for the FMCG arm, Chaudhary stated: "We hope to achieve Rs 1,500 crore (revenue) mark in the next one year's time for Wai Wai. Wai Wai will become a multi products company."
Chaudhary said CG Foods plans to launch new food products including biscuits and spices. Wai Wai brand had recorded a revenue of Rs 1,000 crore in the previous fiscal year. Chaudhary said having manufacturing plants spread across the country helped CG Foods clock strong revenue growth of 40 per cent in the previous fiscal despite the COVID-19 pandemic.
"One of the keys factor supporting our fast growth is our presence" which is widely spread across the country, he added. CG Foods at present operates manufacturing plants in seven locations in India.
CSR arm of the CG Corp Global, announced last week, it will donate over USD 1 million (around Rs 7.3 crore) to combat the second wave of COVID-19 in Nepal. The Chaudhary foundation said it is also rigorously working to extend its COVID-19 relief response to the people of India.
