Indian Ice cream and frozen foods firm Vadilal Industries plans to invest INR306.2m($5.52m)to expand and modernize its production facilities.
This project will cover the company's facilities in Gujarat,Uttar Pradesh,and its processed food division in Gujarat.
For the first quarter ended 30 June 2012,the company reported that its net profit soared 59%to INR137.8($2.48m),while net sales increased 25%to 1.33bn($24.07m),reported the Economic Times.
Vadilal Industries managing director Rajesh Gandhi said that expansion of the production capabilities completed in 2011 and aggressive marketing campaigns this summer have led to strong growth in profits and sales.
This summer,the company introduced a new range of products targeted at the kid's segment under its ice trooper brand.
