Dec 24, 2020
A subsidiary of Hindustan Foods – HFL Consumer Products – will invest Rs. 125 crore to set up a manufacturing facility in north India as part of its goal to more than double its revenue to Rs. 2,000 crore by the fiscal year 2021-22.
Hindustan Foods Managing Director Sameer R. Kothari said, “The demand for contract manufacturing in the FMCG industry is growing rapidly. We are in continuous discussions for new projects with our customers which include some of the leading brands in this space.
“We are committed to our goal of achieving Rs. 2,000 crore of revenue by FY2022 and believe all the Capex projects will play a key role in helping us reach this milestone.”
The company had reported revenue of Rs. 771.90 crore in the financial year 2019-20.
Hindustan Foods said the new facility is part of the company’s consolidated plans to expand its footprint in contract manufacturing space for the FMCG products.