Bakery giant Monginis revives Southern plans after 20 years, opens shut plant in Hyderabad
HYDERABAD: Mumbai-based bakery, Monginis Food on Monday announced its return into the Southern India bakery market after a hiatus of almost 20 years and plans to foray into Telangana, Andhra Pradesh and Bengaluru in the next couple of years, informed a senior company official.
The company has revived one of its old plants in Hyderabad for this venture and plans to set up a new factory in Andhra Pradesh by 2018 and is in advance stage of discussions.
Ashok Nair, chief operating officer, Monginis Food, said, “We have revived our old factory in Hyderabad, the only one in South till now, which was established nearly 15-20 years back but was shut down as the franchise market had not developed in the city at that time. However, the model has matured now and we have re-entered the market by reviving the factory at a cost of Rs 3.5 crore that will cater to the 100 stores opening up in Telangana.”
He was in the city to open the company’s first store spread at an area spread over 34,000 sft.
The company, with a turnover of Rs 700 crore, has 16 factories, largely in West and North, and will be opening two more at Patna and Delhi by April at an investment of Rs 25 crores each to be met through internal accruals. Earlier this year, it opened two more factories at Bhubaneshwar and Raipur.
The current size of the Indian bakery industry in the organised sector is around Rs 5,000 crore according to the company executives.
The company has revived one of its old plants in Hyderabad for this venture and plans to set up a new factory in Andhra Pradesh by 2018 and is in advance stage of discussions.
Ashok Nair, chief operating officer, Monginis Food, said, “We have revived our old factory in Hyderabad, the only one in South till now, which was established nearly 15-20 years back but was shut down as the franchise market had not developed in the city at that time. However, the model has matured now and we have re-entered the market by reviving the factory at a cost of Rs 3.5 crore that will cater to the 100 stores opening up in Telangana.”
He was in the city to open the company’s first store spread at an area spread over 34,000 sft.
The company, with a turnover of Rs 700 crore, has 16 factories, largely in West and North, and will be opening two more at Patna and Delhi by April at an investment of Rs 25 crores each to be met through internal accruals. Earlier this year, it opened two more factories at Bhubaneshwar and Raipur.
The current size of the Indian bakery industry in the organised sector is around Rs 5,000 crore according to the company executives.
