HyFun to invest Rs 300 cr; to foray into retail segment

PTI | New Delhi | Updated: 06-05-2021 17:53 IST | Created: 06-05-2021 17:53 IST
HyFun to invest Rs 300 cr; to foray into retail segment
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HyFun, which produces and exports frozen potato products, will be investing Rs 300 crores for expansion and will also foray into the domestic retail segment.

The company will expand its overall manufacturing capacity of its potato processing plant in Mehsana, Gujarat to over 2.5 times by 2022. This means the capacity will increase to 200 kilo tons from the present 80 kilo tons, according to a statement.

The expansion of the plant, set up in 2015, will help in increasing HyFun's presence in the international markets and cater to the rising demand in the domestic market as well, it added.

''We are investing Rs 300 crore for our expansion plan, and with this, we aim to create more local employment opportunities in Gujarat,'' HyFun Chief Executive Officer Haresh Karamchandani said.

Regarding foray into the domestic retail market, he said that during the ongoing pandemic, the company has seen that consumers look for good quality and convenient food options that cater to their diversified taste preferences.

''Working professionals and homemakers are now more inclined towards simple food that is hygienic, safe, and easy to prepare. That is where HyFun products will deliver convenience and provide easy solutions for daily meals,'' Karamchandani said.

HyFun, which has witnessed success in HoReCa and QSR segment in both domestic and export markets, has several products in the pipeline, he added.

As per a study by IMARC, the Indian frozen potato products market is likely to grow at a CAGR (Compound Annual Growth Rate) of 17.30 per cent during the next five years.

Frozen potato products have gained prominence in the country as they are convenient to cook and come in various flavours, shapes, and sizes that cater to the diversified taste preference of the consumers, according to the study.

HyFun offers more than 25 ready-to-cook frozen snacks such as French Fries, Aloo Tikki, Burger Patties and Nuggets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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