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Saraf Foods to invest Rs 60 crore in manufacturing plant near Vadodara
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Monday, 24 July, 2017, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Aiming to diversify into air drying, add capacities in freeze drying and strengthen backward integration by individual quick freeze (IQF), Saraf Foods Ltd, a Vadodara-based food processing company specialising in freeze drying, will invest Rs 60 crore in a manufacturing plant in Vaghodia, near Vadodara. The bhoomi pujan ceremony for the unit was held recently. Saraf Foods has a significant presence in global markets like the United States, Europe and the United Kingdom.
“We have set a target to roll out the air drying operations by end-November 2017. The site development for the new facility is already underway and the building construction is expected to start shortly. The investment will come through an equal mix of debt and equity, while we have also obtained the approval for a sum of Rs 10 crore as cold chain subsidy from the ministry of food processing industries (MoFPI),” said Suresh Saraf, chairman and managing director, Saraf Foods Ltd.
IQF, which will form the foundation of its ambitions in backward integration, is expected to start functioning by mid-January 2018. The new freeze drying unit will commence operations by the end of April, 2018. Freeze-dried food has made steady inroads, given the fast-paced lifestyle globally, which has pushed up the demand for instant foods with a longer shelf life to save on time.
“There was a growing demand from our key customers for air-dried products of an enhanced quality. At the same time, we have witnessed a steady demand for freeze-dried items. Our expansion and capital expenditure has been made to meet the need. This will be our second manufacturing unit, with key technological investments made to make it future-ready. This is a significant milestone achieved in the history of Saraf Foods,” said Shikha Saraf, general manager, business development, Saraf Foods Ltd.
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