“We invest every year in increasing capacity. Our capacity increases by 40 percent every year … Our market proximity strategy will continue … We intend to invest Rs 200 crore to install two factories in one year in West Bengal and Uttar Pradesh, ”said CG Corp Global President Binod Chaudhary.
Elaborating on the growth prospects of the FMCG branch, Chaudhary said: “We hope to reach Rs 1,500 crore (turnover) in the next year for Wai Wai. Wai Wai will become a multi-product company.”
Chaudhary said CG Foods plans to launch new food products, including cookies and spices.
The Wai Wai brand had recorded a turnover of Rs 1,000 crore during the previous financial year.
Chaudhary said that having manufacturing plants located across the country helped CG Foods achieve strong revenue growth of 40% in the previous fiscal year despite the COVID-19 pandemic.
“One of the key factors in our rapid growth is our presence” which is widespread across the country, he added.
CG Foods currently operates manufacturing plants at seven locations in India.
Last week, the Chaudhary Foundation, the CSR arm of CG Corp Global, announced that it would donate more than $ 1 million (approximately Rs 7.3 crore) to fight the second wave of COVID- 19 in Nepal.
The foundation said it is also working rigorously to expand its COVID-19 relief response to the Indian people.