India’s biscuit maker Britannia Industries is set to increase exports and eyes joint ventures, acquisitions as part of its strategy to enhance its manufacturing capacities in the Middle East.
Britannia managing director Varun Berry was quoted by Live Mint as saying: "Our ability to double exports from India and to substantially increase the manufacturing footprint in the Middle East can increase our international sales to Rs.700 crore or so in a year to 18 months.
But to get beyond this number, you have to think of setting up manufacturing facilities in different markets and that can happen through acquisitions, joint ventures or a greenfield (project)."
In addition, during next fiscal, Britannia is also planning to launch three new, so-called first to market products.
It is estimated that the firm would be able to increase sales from international markets to Rs7bn ($112m) within the next 18 months, according to the publication.
Varun Berry also said that the company is expected to take this business to Rs10bn ($161m) to 15bn ($241m).
