India-based instant food and spices manufacturer MTR Foods is planning to invest$28m to upgrade its integrated production facility in Bangalore.
The integrated facility manufactures spices,snacks and condiments.The investment will be made over the next two years and will be funded through internal channels and loans.
In fiscal 2011,the company reported sales of more than INR3.5bn($52m)and this year,it expects to achieve INR4.5bn($67m)in sales.
As Tamil Nadu is its biggest market in the southern part of India,the company is focusing on this market.It has unveiled its new MTR Sambar Masala Podi,Rasam Podi and Kulambu Podi in Tamil Nadu.
To support the launch of its new products,the company is planning to roll out INR350m($6.5m)for advertising and promotional campaigns.
