Financial Daily from THE HINDU group of publications
Thursday, Aug 25, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 25, 2005 |
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Marketing
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New Products & Services CG Foods launches WAI WAI noodles Our Bureau
Mr Nirvana Chaudhary (left), Chairman, Chaudhary Group, and Mr T.K. Gupta, CEO, at a press conference in the Capital on Wednesday. — Anu Pushkarna
New Delhi , Aug. 24 CG Foods India Pvt. Ltd, a subsidiary of the $300-million Cinnovation Group of US, is setting up two manufacturing facilities to produce WAI WAI noodles with an investment of Rs 40 crore. The first facility would be set up in Sikkim and the second in Uttaranchal. It also plans to manufacture snack foods such as potato chips and cheese balls from the same facilities later. Each of these facilities would be spread over an area of five to six acres and have a production capacity of 10,000 million tonnes. CG Foods also announced the nationwide launch of its WAI WAI noodle brand on Wednesday. The noodles would be available in two variants, WAI WAI brown, priced at Rs 10 for a 75-g pack, and WAI WAI white, priced at Rs 11 for a 100-g pack. It plans to have an initial network of 1,000 distributors and target 200,000 retail outlets in the country. The instant noodle market in the country is estimated to be 40,000 tonnes and is valued at Rs 400 crore. The company has set an advertising budget of Rs 6 crore for the first year, which would include electronic and print media and outdoor activities. Cinnovation Group has a technical collaboration of with Chaudhary Group of Nepal, which has already been exporting noodles to the North-East part of India. Cinnovation Group would also be taking the brand to other parts of South Asia and West Asia. Chaudhary Group is a conglomerate with 40 group member companies operating in sectors such as foods and beverages, financial services, infrastructure, real estate and hospitality, among others.
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