Emami Agrotech planning IPO in 2 years, eyes expansion of food business
Emami Group
, is expecting to hit the capital market with its initial public offering (IPO) in next two years by when it wants to become a total food company, director of the group Aditya Agarwal said.
As part of this, Emami Agrotech has roped in McKinsey & Co to chart out its expansion into foods, which includes multiple categories such as staples and ready-to-eat. The company on Tuesday entered the branded staples market by foraying into packaged atta, maida and suji.
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'The food business will grow from Rs 400 crore now to Rs 2,000 crore in three years with these launches,' Agarwal told newspersons here on Tuesday. Emami Agrotech had clocked Rs 200 crore profit last fiscal.
Vibhash V. Agarwal, director of Emami Group, said the company wants to have a full play in foods – from kitchen to dining table. He said the company is eyeing multiple food categories for expansion – ready to eat, snacks, sauces, more varieties of staples. The bulk of the revenue – around Rs 19,000 crore – comes from edible oils and balance from food products like spices, soya chunk, and bio-diesel.
While the company sells its edible oil in East, Uttar Pradesh, Delhi, Haryana and Punjab, the food products are largely limited to the East. However, the range will be expanded nationally.
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