Dairy firm Parag Milk Foods plans to invest Rs 120 crore through internal accrual this year for strengthening the brand and expansions. Last year, the company had spent Rs 75 crore.
Parag Milk Foods hopes to close this fiscal with Rs 1,500 crore revenue on the back of robust expansions and growing markets. As the market trends are encouraging, both domestic and international, the company sees positive signals to scale business this financial year.
“We have undertaken many expansions during the last few years. We have introduced and established four brands – Gowardhan, Go, Pride of Cows and ToppUp, a new brand for beverages,” Parag Milk Foods Chairman Devendra Shah said.
With strong foothold in western and northern regions, the company is looking to expand in southern and eastern regions.
The company is also planning increase its overseas shipments by another 10-20 percent mainly focusing on neighbouring countries, South East Asia and the middle east.
The company is trying to scale expand visibility of its products with its second retail model under ‘Go Stop’ banner. It has started testing this model with 4-5 outlets in Maharashtra and its final roll-out is expected in next fiscal through franchise model.
At present, it operates dedicated stores ‘Go Shoppe’ through franchise arrangement and it is planning to add over 150 stores in the coming months.