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Lotte India, a leading player in the confectionery industry, on Wednesday announced the opening of its expanded factory in Nemam near Chennai. The company has invested ₹185 crore in the expansion of the confectionery factory to increase production of its Lotte Choco Pie products.
The investment will play a key role in strengthening Lotte India’s strong leadership in the Indian confectionery market and will create an additional 200 jobs for the people in and around Nemam.
Surging demand
The company’s sales increased from ₹168 crore in 2007-2008 to ₹657 crore in 2022-23. The expansion, initiated in October 2022, was driven by the necessity to meet the surging demand and sustain this remarkable growth trajectory, says a release.
Milan Wahi, Managing Director, Lotte India, in the release said Nemam has a healthy job force, and space for development. The augmented production capacity now stands at 1,420 tonne per month. This increase equips Lotte India to meet the rising demand for its products in the Indian market and also support potential opportunities for export in future..
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