The company had recently acquired Reliance Retail's dairy business
Heritage Foods Ltd, promoted by the family of Andhra Pradesh Chief Minister, N Chandrababu Naidu has introduced a new range of flavoured milk.
The company had recently acquired Reliance Retail's dairy business. It draws about 24% of its revenues from value added products currently and wants to take it to 40% in the next five years.
The company has set a target of clocking Rs 6000 crore revenue in 2022.
Brahmani Nara, Executive Director, Heritage Foods Limited, said, "We are geared up to ride this journey of growing the value-added products market in the country. My thoughts on product innovation are simple. As a working mom of a 2-year-old, it is a challenge to feed my child good, nutritious food every day. So a key challenge for my product development team is to develop products that are convenient, nutritious and great tasting, all in a single serving."
The company has also lined up expansion plans to set up processing and packaging lines to support growth in milk and value added products and will be investing around Rs 90 crore in 2017-18.