Chennai:: Tamil Nadu-based Annapoorna Masalas and Spices on Friday said it was eyeing to garner Rs 200 crore topline sales besides expanding product portfolio over the next three years, according to a company official. The company has chalked out the aggressive plans under its ‘Annapoorna 2.0’ with new identity eyeing consolidation in the fast moving consumer goods industry which is estimated to reach Rs 7.21 lakh crore with food and beverage segment accounting for Rs 1.36 lakh crore in 2020.
Annapoorna Masalas and Spices executive director Vijay Prasad unveiled the company’s new identity with the brand promise of ‘The Taste That Unites’ signalling a new chapter for the company. “In its new avatar, the company plans to expand its current product portfolio of 53 products and 101 SKUs to over 80 products in next three years. Annapoorna wil take a hitherto differentiated approach to enable this growth…” Prasad said.
“Our brand new identity reflects our rich lineage to cater to future demands. A big part of our plan of action will be to invest in research and development and products, combined with our people and a strong distributor and retail network,” Prasad said. “Our topline sales today are worth Rs 40 crore and we look to increase this to Rs 200 crore in next three years. We are also committed to source ingredients locally from regional farmers,” he said.
At the company’s Coimbatore manufacturing facility, the unit was well equipped to support the ambitious growth plans. Besides expanding the product portfolio, Prasad said the company also planned to strengthen the retail network to 500 distributors in next one year.
Annapoorna will penetrate its stronghold across Tamil Nadu market to cover over 50,000 outlets across cities, towns and villages. This will be followed by geographical expansion to other neighbouring states, he said..
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