Private equity SAIF Partners India backed Manpasand Beverages is gearing up to double its turnover to Rs 600 crore by the end of this financial year. To achieve this, the company has earmarked Rs 100 crore towards capacity addition thereby doubling its production capacity, which in value terms is worth Rs 800 crore.
"On the capacity expansion front, our plan is to set up an all new state-of-the-art facility in Vadodara, which will be the largest fruit juice facility in India. This is in addition to ramping up all existing manufacturing facilities. We are also looking at setting up a facility in Dubai that will cater to the growing global market," said Singh.
Funding this Rs 100 crore expansion will be through a combination of debt and equity.
SAIF Partners had, in 2011, invested $10 million (around Rs 50 crore) for a minority stake in the Gujarat-based juice manufacturing and marketing company.
According to Dhirendra Singh, chairman and managing director, Manpasand Beverage (MBPL), the company crossed the Rs 300 crore mark in sales last fiscal and aims to treble it to Rs 1,000 crore by the end of fiscal 2016.
The over Rs 3,200 crore mango juice market in India is primarily dominated by brands like Maaza (Coca Cola), Slice (PepsiCo) and Frooti (Parle Agro) with Mango Sip occupying the fourth place. In an attempt to grab market share, MBPL has also embarked on a major branding and marketing exercise and got on board bollywood film star Sunny Deol as brand ambassador for its 'Mango Sip' brand.
Elaborating on the marketing plans, Abhishek Singh, director, Manpasand Beverages, said, the company has set aside a budget of Rs 10 crore and will use a combination of television, print and online / social mediums to reach out to the target audience.
MBPL currently has three manufacturing facilities, one each in Vadodara (Gujarat), Banaras (Uttar Pradesh) and Dehradun (Uttaranchal) with over 600 employees.