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KLF Nirmal Industries, a Kerala-based coconut oil manufacturer, has received PE funding to the tune of ₹75 crore from Banyan Tree Growth Capital Fund-2.
The investments would be utilised for the expansion of sales and distribution network as well as offshore activities. “We are targeting a business of ₹550-600 crore in the next five years,” said Paul Francis, the company's Managing Director.
Plans are also afoot to launch 10 new coconut-based products shortly under the Coconad brand which includes coconut chutney, instant Madras coconut chutney, red chilly chutney, roasted coconut masala, instant coconut chicken and prawn stew. A few more convenience food products, which are in the production stage, will be launched this year, he said.
Besides, the company also plans to introduce a range of blended cooking oils -- a combination of coconut oil and palmolein -- under the brand Coco-Coast.
According to Sunny Francis, Director, part of the funding will be used for the production and marketing of Nirmal Virgin coconut oil with a target to expand its sales to ₹100 crore in the next five years.
KLF is the second highest selling coconut oil in Karnataka, Andhra Pradesh, Telangana and Maharashtra. The company plans to increase its sales by three-fold in the next five years.
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