A strategy pivoted on growing by empowering local communities will also see Ananda investing in capacity building in the state to reach over 200,000 farmers in 5,000 villages for milk procurement and supply of dairy products to consumers.
With this expansion, the company is expecting to generate over 1500 new employment opportunities, involving the local farming community.
"Today we are honored to build upon our legacy in the state where Ananda Dairy began its journey. The vision to deliver the best and most nutritious dairy produce to consumers drives us to ensure quality conscious growth. Meanwhile, our trusted relationship with the community which has contributed to the Ananda journey gives us the belief to invest in building a robust network in the state of Uttar Pradesh," said chairman, Ananda Group, R. S. Dixit.
"This investment of Rs. 500 crore is a testimony to our commitment to aiding the growth of milk production and supply whilst ensuring industry growth and employment generation, and giving unhindered access to our wide range of dairy produce for our consumers to choose from," Dixit added.
Along with the new manufacturing unit, the company is set to:
- Creating a new facility to expand its existing manufacturing setup at various locations.
- Strengthening the milk procurement process for Ananda for milk that is purchased from farmers from across Uttar Pradesh.
- Developing a comprehensive system for dairy distribution by setting up requisite cold storage and increasing the number of retail outlets.
The company is currently eyeing a bigger share of the dairy and dairy product market in India as this investment comes as a key initiative to fulfill the company's projected turnover of Rs 1,500 crore by the end of FY18, and the target of an overall growth of 30 percent with Ananda's Company Owned Company Operated (COCO) retail outlets.
Following this investment, Ananda will dedicate efforts towards creating a seamless procurement and retail network to maximize its capacity in UP, and to enable the local farmers in the state to derive benefit from its widened reach.
Further, consumers across the state will be able to access entire fresh and wide dairy produce range of over 75 products, including confectionary and bakery items for them to purchase.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)