It plans to make the confectionery market leader a Rs 2,000 crore firm in 10 years.
MUMBAI: Godrej Beverages and Foods Ltd, after acquiring Nutrine for Rs 250 crore, will ratchet up its turnover five times in 3 years.
That's not all. It aims to make Nutrine a Rs 2,000 crore company in the next 10 years.
Nutrine has a 22% share of India's Rs 1,400 crore confectionery segment. It has an annual turnover of Rs 182 crore. "Almost 53% of the marketshare of Nutrine comes from south India and we have a huge opportunity to grow the brand in rest of the country," said A Mahendran, director, Nutrine.
Nutrine will function as the 100% subsidiary of Godrej Beverages.
Godrej Industries owns 48% of Godrej Beverages, while IL&FS Investor Managers owns 40%. The rest 12% share is with Mahendran. The acquisition is being funded equally through equity and debt.
The current turnover of Godrej Beverages and Foods is around Rs 200 crore.
"We will continue with the Nutrine brand name and keep adding innovative products to its existing portfolio," said Adi Godrej, chairman, Godrej group of Industries.
