AgroTech Foods to invest $18m in capacity expansion
India-based AgroTech Foods plans to invest INR1bn ($18.52m) in capacity expansion over the next two to three years. It also aims to launch new products under its Sundrop brand.
This announcement comes two months after US packaged food firm ConAgra acquired 3.66% stake in Agro Tech for INR518.2m ($9.5m), boosting its overall stake in the company to 51.77% from 48.1%.
Currently, the AgroTech has two plants in Uttarakhand and Hyderabad, and it plans to increase the total number of plants to six. As a part of the capacity expansion, it will build a peanut butter facility in Gujarat, India.
The company will also launch ready-to-eat meals, oil sprays in cans and peanut butter in bottles and tubs under the Sundrop brands. Currently, the company produces Sundrop edible oils and Act II popcorn in India, the Economic Times reported.
Its edible oil brand is the largest in the premium category of the refined oil consumer packs, contributing 60% of the company's topline.
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