Bangalore, June 22 (IANS) City-based processed food manufacturer MTR Foods has drawn up an ambitious plan to go national and double its revenue to Rs.500 crore by 2012, a top company official said Tuesday.
‘Having consolidated our market leadership in south India, especially in Karnataka and Andhra Pradesh with our products spanning spices, instant mixes, ready-to-eat meals, we are foraying into northern, western and eastern regions for a pan-Indian presence in the next couple of years,’ MTR Foods Chief Executive Sanjay Sharma told reporters here.
Norwegian food conglomerate Orkla acquired the 86-year-old company, popular for its authentic south Indian vegetarian cuisine, from its promoters (the Maiya family) in 2007 for $80 million (Rs.364 crore). It has invested Rs.100 crore in the last two years in modernisation and capacity expansion to meet the growing demand for its range of products.
‘We have invested an additional Rs.25 crore to diversify into the niche beverage segment to market flavoured milk (badam/almond variety) and dairy products such as ice-creams,’ Sharma said.
To penetrate the untested northern, western and eastern markets, the company has tied up with a third party vendor at Mathura in Uttar Pradesh to source vermicelli.
‘We are scouting for vendors in the other three regions for contract manufacturing of our products and other varieties that cater to the taste buds of the local and regional consumers,’ said Sharma.
The installed capacity will be expanded to 15,000 tonnes per annum over the next two-three year from 5,000 tonnes now.
Sharma said MTR had remained a trusted brand over the decades for its quality, variety and authenticity, and the Rs.250-crore company would stick to pure vegetarian products.
‘We will continue the legacy with new products and varieties that will cater to the region-specific consumers for their breakfast, lunch, dinner and snack needs,’ Sharma said.
With a diverse portfolio, MTR aims to unify India tastefully blending authentic native or regional flavours in modern formats that are easy to cook and quick to serve.
‘Our food products are based on authentic recipes from their region of origin where culinary secrets have been protected and handed down over the generations. As a food-processing pioneer, we will adopt modern technology to innovate new varieties for every consumer of Indian food at home or abroad,’ he said.
Compliant with ISO 22000 and HACCP (Hazard Analysis and Critical Control Point) for upholding food safety standards, the company has global presence with its packaged foods exported to Australia, Britain, Japan, Malaysia, New Zealand, Oman, Singapore, the UAE and the US.
‘Exports account for about 10 percent of our total sales and production. With new products and varieties from the other three regions, we plan to double our exports over the next five years,’ Sharma said.
The company has re-launched its products in designer packaging to revitalise its brand and appeal to modern consumers, especially working women and new generation homemakers that are involved in multi-tasking.