Devyani Food To Invest Rs 275 Cr On â€˜Creambellâ€™ Expansion
RJ Corp group firm Devyani Food Industries will invest Rs 275 crore in three years on capacity enhancement and retail expansion of its ice cream brand ‘Creambell’ across the country. The company, which at present has a share of 15 per cent in the estimated Rs 3,500-crore Indian ice cream market, is targeting to increase it to 18 per cent by 2020. It will also enter new states after its recent foray into Gujarat, the largest ice cream market in India. “The company has earmarked investments of Rs 275 crore over the next 3 years in capacity expansion, research and development and market activations (of Creambell),” Devyani Food Industries Chief Executive Officer Nitin Arora said in a statement. Creambell has three manufacturing plants in Baddi (Himachal Pradesh), Goa and Kosi Kalan (Uttar Pradesh) with a total capacity of 8.5 million litres per month.