The Indian company plans to divest around 10 per cent of equity to fund its future expansion plans, and mulling an IPO in the next 2-3 years.
Mukesh Ambani continues to expand his Reliance business empires. The billionaire has now joined hands with Indore-based Candytoy Corporate, one of the leading manufacturers of candy toys. Candytoy teamed up with Reliance Retail. Under his, the Indore-based company will supply confectionery toys for 1,400 stores of the country's leading retailer, said a top company official.
"We already have a purchase order for more than 15 outlets right now, which is live, and 200 outlets will be live by the end of Diwali, and 1,400 outlets will be live by the end of this financial year," founder Director Gaurav Mirchandani told PTI.
When asked about the order size, he said it would have a run rate of Rs 2 crore per month from Reliance Retail's 200 stores, and this would be scaled to Rs 4 to 4.5 crore per month by the end of this fiscal. "We have more than 75 SKUs in the sweets and savoury flavours category of the candy, which we are providing to Reliance Retail," he said.
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Candytoy Corporate (CTC), valued at nearly Rs 1,000 crore, is supplying to other retailers globally in 40 countries. The company manufactures candy toys for a host of companies, including Colgate Palmolive, Puma, MTR, Bournvita, Yellow Diamonds, Vistara Airlines and AirAsia, among others.
It also plans to divest around 10 per cent of equity to fund its future expansion plans, and mulling an IPO in the next 2-3 years. CTC is a global manufacturer of promotional toys and confectionary items through its five plants and 11 contract manufacturers, supplying to 40 countries across three continents. When asked about the revenue of the company, Mirchandani said: "We expect to close this fiscal between Rs 260 to 280 crore. Next fiscal, we expect closing at Rs 400 crore to 450 crore".
(With inputs from PTI)
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