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Aug, 06 2018

Britannia earmarks Rs 400-500 cr for business expansion.

Talking to reporters on the sidelines of Britannia’s 99th annual general meeting here on Monday, Wadia said Britannia has been waiting to hear from the Maharashtra government for over a year on the incentives for the dairy project.

Britannia Industries chairman Nusli N. Wadia said the company has earmarked Rs 400-500 crore  for expansion of capacity and new product development, including Rs 300 crore dairy plant whose site may be relocated from Maharashtra to Andhra Pradesh since the company is yet to hear from the Maharashtra government on the incentives.

Talking to reporters on the sidelines of Britannia’s 99th annual general meeting here on Monday, Wadia said Britannia has been waiting to hear from the Maharashtra government for over a year on the incentives for the dairy project. “Hence, we are exploring whether to shift the project to Andhra Pradesh,” he said.

Wadia said the company will not enter fresh milk. Britannia has started milk procurement pilot in Maharashtra to strengthen dairy back-end capabilities and will set up cold chains across the country. The company will also enter the filled croissants space towards end of the year, apart from expansion of cake and rusk portfolio, he said.

Britannia leads the biscuits market by value of around one-third share. Wadia said the company wants to enter overseas markets and has set up a dedicated export unit in special economic zone at Mundra. “This will increase our foreign exchange earnings,” he said.

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