New Delhi, Jan 11 (IANS) CG Foods, a unit of Singapore-based Cinnovation Group, said Tuesday it will invest Rs.100 crore in India during the next three years to expand its manufacturing capacity in the country.
'We plan to set up two new manufacturing plants in India this year and also expand the existing plants. By 2014, we will be investing Rs.100 core in India,' CG Foods' managing director Nirvana Chaudhary said.
CG Foods, makers of the popular noodles brand Wai Wai, plans to open a new manufacturing unit at Rudrapur in Uttarakhand with an initial investment of Rs.20 crore next month and another plant in Gujarat by the end of this year.
'We are also on look out for acquisition opportunities, especially to expand our business in southern and western parts of India,' Chaudhary told IANS on the sidelines of a press conference here.
He said the company was ready to invest upto Rs.1,000 crore on acquisitions in a bid to consolidate its position in the country.
Regarding funding of the expansion activities, the company's chief executive officer G.P. Sah said the company would raise nearly half the money from debt, especially bank borrowings, and the rest from its internal sources.
Sah claimed Wai Wai controls nearly 70 percent noodles market in the northeast region and plans to increase its presence in other parts of the country.
CG Foods has an annual turnover of Rs.150 crore in India. The company targets nearly 40-50 percent annual growth for the next three years, Sah said.
'We plan to set up two new manufacturing plants in India this year and also expand the existing plants. By 2014, we will be investing Rs.100 core in India,' CG Foods' managing director Nirvana Chaudhary said.
CG Foods, makers of the popular noodles brand Wai Wai, plans to open a new manufacturing unit at Rudrapur in Uttarakhand with an initial investment of Rs.20 crore next month and another plant in Gujarat by the end of this year.
'We are also on look out for acquisition opportunities, especially to expand our business in southern and western parts of India,' Chaudhary told IANS on the sidelines of a press conference here.
He said the company was ready to invest upto Rs.1,000 crore on acquisitions in a bid to consolidate its position in the country.
Regarding funding of the expansion activities, the company's chief executive officer G.P. Sah said the company would raise nearly half the money from debt, especially bank borrowings, and the rest from its internal sources.
Sah claimed Wai Wai controls nearly 70 percent noodles market in the northeast region and plans to increase its presence in other parts of the country.
CG Foods has an annual turnover of Rs.150 crore in India. The company targets nearly 40-50 percent annual growth for the next three years, Sah said.
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