Gemini Edibles and Fats India and Sree Annapoorna Foods launch JV to make masala

CHENNAI: Leading sunflower oil company Gemini Edibles and Fats India and masala brand Sree Annapoorna Foods have launched a joint venture (JV) to manufacture masala products.
The new company - GEF Foods India -- is eyeing at the branded spices market, which is projected to hit a market size of nearly Rs 96,500 crore in south India by CY2032.
Akshay Chowdhry, group vice-president, Gemini Edibles and Fats India, said the new JV is targeting a revenue of Rs 1,000 crore over the next five years. “We have made an investment of Rs 70 crore for the JV. We are looking at a revenue of Rs 100 crore within the first year and thereon the growth will start multiplying faster. From Tamil Nadu, our brand will expand to other southern states such as Telangana, Andhra Pradesh, Karnataka and Kerala."
Vijay Prasad, managing partner of Coimbatore-based Sree Annapoorna Foods, said a manufacturing facility with a capacity of 100 tonnes per day will be established in Andhra Pradesh.
"Currently, we have a facility at Coimbatore with a capacity of 30 tonnes per day, in which 45%-50% is utilised," Prasad, who is also the CEO of GEF Food India, said.