Financial Daily from THE HINDU group of publications
Wednesday, Nov 19, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 19, 2003 |
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Marketing
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New Products & Services MTR Foods plans to set up series of concept kitchens Our Bureau
Mr P.Sadananda Maiya , Chairman, MTR Foods Ltd., along with food expert Mr. Jiggs Kalra, at the launch of ready-to-eat rice meals in the Capital on Tuesday -- Kamal Narang
New Delhi , Nov. 18 MTR Foods Ltd plans to set up a series of `concept kitchens' at various locations in the country. Announcing the launch of a new range of ready-to-eat rice meals in Delhi on Tuesday, Mr Sadananda Maiya, Chairman & Managing Director, said that the company proposed to move its concept kitchens beyond its home base, Bangalore. MTR Foods currently operates three concept kitchens in Bangalore with each being set up at an investment of Rs 30 lakh to Rs 35 lakh. With the launch of rice meals, the company said that it has broken the price barrier existing in this category. "While most ready-to-eat packs are priced upwards of Rs 30, we have priced rice meals between Rs 18 and Rs 20," said Mr J. Suresh, CEO & Executive Director, MTR Foods. The company has projected sales of Rs 130 crore in fiscal 2003-04, and Rs 500 crore over the next five years, riding on the wave of the ready-to-eat foods market. Exports currently account for eight per cent of sales, and the company expects to increase the same to 20 per cent in five years. Its exports basket includes ready-to-eat foods, frozen foods, spices, soups, pickles and desserts. The company is majority owned by the Maiya family with 52 per cent stake, whereas the remaining equity rests with the Singapore-based fund Magnus and J.P. Morgan. MTR products currently reach one-lakh outlets across India. According to industry estimates, the ready-to-eat foods market is estimated at Rs 25 crore, and is expected to touch Rs 300 crore over the next three years. According to Mr Maiya, MTR Foods has a majority 65-70 per cent share of this market. The company plans to retail its ready-to-eat foods range in Sainsbury, UK, to capture the NRI market.
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