Mumbai: Consumer goods firm Capital Foods, which markets Ching’s instant noodles and Smith & Jones ketchup and masala noodles, on Sunday said it will enter four more overseas markets soon and expects to clock 40 per cent growth in its topline this year.
“Our Ching’s brand will be in South Africa next week, in Kuwait next month and in Australia (Melbourne, Sydney and Adelaide) by November. We are also getting into Mauritius,” Capital Foods founder-chairman and managing director Ajay Gupta said.
The company sells Ching’s brand of Chinese instant noodles and the Swad brand of ready-to-eat paranthas and frozen fruit in the US, Canada, Singapore and Dubai. It also markets the Smith & Jones range of ketchups and ginger-garlic paste.
It has tie-ups with the largest Canadian food retailer, Loblaw, and Mustafa in Singapore. In the US, it is present in 15 cities where there is a large concentration of Indians.
Gupta said, “This year, we should end up at a gross revenue of Rs 270 crore, an increase of almost 40% and expect to close next year with a 75% spike in revenues at Rs 450 crore after we commission the second production line of instant noodles.”
Though the company earns most of the revenue from exports, it is also planning a Rs 7 crore ad campaign in the next three months to make further inroads into the domestic market.
Currently, the company claims to enjoy a 9.5% share of the Rs 1,200 crore noodles market.
The company’s new plant will have three times more capacity and will be commissioned next month, Gupta said.
“In the next three years, you will see us entering a whole new range of categories like beverages, spices and a range of frozen foods,” he said.
The company is setting up a mega food park at Tumkur in Karnataka. Work on the first phase of the food park will start by October.
In addition, the company also has new facilities coming up at Vapi, in Gujarat, and in Andhra Pradesh.
Last year, Capital Foods and Kishore Biyani-led Pantaloon Retail floated a special purpose vehicle and decided to invest Rs 300 crore to set up two mega food parks in Maharashtra and Karnataka.
Of the total Rs 300 crore, Rs 50 crore will come from the government. Of the remaining Rs 250 crore, 70 per cent will come from Pantaloon and rest from the Capital Foods.
The SPV has already acquired 1,800 acres of land for the food park in Tumkur. Biyani-controlled Future Venture owns a 40% stake in Capital Foods, while the remaining participating interest is held by the promoters.