Mumbai: CG Corp Global plans to expand its Wai Wai City noodle bar chain in India from the current 30 outlets to nearly 500 by 2020, a top company executive said.
The Nepal-based multinational, which makes Wai Wai instant noodles has interests in food and beverages, financial services, infrastructure, real estate and hospitality.
The firm has been considering the idea for close to a decade and finally started working on it three years ago, said Varun Chaudhary, managing director of CG Speciality Restaurants.
New quick-service restaurant (QSR) outlets will be opened as franchises. On an average, each franchisee will have to invest Rs15-20 lakh and the break-even will be about a year, said Chaudhary at a press conference.
The Wai Wai City outlets serve noodles in bento boxes in flavours from hakka style to south Indian curry. They also offer starters like momos, Wai wai bhel, green chilli paneer and devils chicken to desserts like tiramisu and ice creams. A vegetarian starter cost Rs60 and a 300g bento box of noodles costs Rs90 on an average. In India, the preferred cuisine at Wai Wai Citys is North Indian, followed by Chinese.
The firm, which has about 27% market share in India’s instant noodle market, has invested Rs50 crore and will invest Rs250 crore over the next three years to 2020, said Chaudhary. It aims to have revenues of Rs1,000 crore by 2025. QSRs are the most preferred destinations for eating out, followed by casual dining, according to an India Food Services report 2016, brought out by the National Restaurants Association of India (NRAI) and consulting firm Technopak Advisors Pvt. Ltd.
Later this year or early next year, CG Hospitality, a sister firm, is looking at introducing in Rajasthan Zinc Journey, its ecotourism concept operational in Sri Lanka and China, said Chaudhary. CG Hospitality has a joint venture India Safari Tours with & Beyond, one of the world’s leading luxury experiential travel firms and properties like Alila Hotels and Resorts in India and is interested in acquiring more assets, he said.
CG Corp also plans to invest in setting up mega food parks. It has already made an investment of Rs150 crore in North India and signed a memorandum of interest for setting up a food park in Uttar Pradesh, where it will invest Rs200 crore over the next 2-3 years. “We are stepping up on our investments in the country for manufacturing and food," said Chaudhary.