The company also plans to up its existing capacity by 100-tonnes per month and also more-than-double its turnover in the next two-years from the present Rs 10-crore to Rs25-crore, he said.
Kochi-based ready-to-eat manufacturer and exporter, Nikasu Frozen Foods, has earmarked a Rs30-crore investment to set up two food processing units in Uttaranchal and Jharkhand, a top company official said.
The company also plans to up its existing capacity by 100-tonnes per month and also more-than-double its turnover in the next two-years from the present Rs 10-crore to Rs25-crore, he said.
"We plan to set up two food processing units in Uttaranchal and Jharkhand at an investment of Rs30-crore. We are also targeting a 25-crore turnover in the next two-years," Nikasu's Founder and Managing Director, KK Pillai, said here.
The two units would be set up in the next two-years, he said.
Nikasu has 2 units at an SEZ in Kochi with a production capacity of 100-tonnes per month and plans to scale-up their capacity by 50-tonnes each per month, he said.
The company which exports frozen vegetables and fruits, now plans to add new items to its already existing 50-60 different varieties of Indian and Chinese vegetarian portfolio, he said.
Presently, Nikasu sells its products in Reliance Fresh and Aditya Birla's 'More' stores in Kochi. By next month, however, its products will be made available in all Reliance Fresh outlets across the country.
Outlining the company's expansion plans over the medium-term, Pillai said that the company plans to set up a cold storage-chain, get new frozen trucks and open its own retail stores.
"We plan to set up our own retail stores in a joint venture with a foreign company," he said, without, however, elaborating further.
The company is eyeing an IPO of Rs 100-crore in 2013 to fund its expansion.
"The proceeds will be used to fuel our expansion," he said.
Pegging the Indian frozen food market at Rs1,125-crore, Pillai said that "India is an emerging market and the opportunity here is huge. However, logistics poses a challenge and hence we intend to set up a cold storage-chain to prevent damage of food during transport."
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