New Delhi: McCain Foods India on Monday said the company plans to invest USD 69 million (over Rs 370 crore) at its potato processing plant at Mehsana in Gujarat, as it looks to cater to the increased demand.
"To cater to the growing demand of frozen snacks market, McCain Foods India, the Indian subsidiary of McCain Foods, Canada, will invest another USD 69 million at its potato processing plant in Mehsana," McCain Foods India Managing Director Vikas Mittal said during the recently concluded Vibrant Gujarat Summit, 2013.
The investments will roll in from October 2013, he added.
Earlier in 2007, the company had invested USD 35 million in the country.
"The Indian frozen snacks market is on the rise as the combination of taste and convenience is rapidly increasing the retail market. We expect the pace of growth to continue and, hence, even more investment is expected in the short to medium term," Mittal said.
Currently, McCain Foods is working with about 1,200 contract farmers over 4,000 acres in Gujarat to cultivate processed quality potatoes in Gujarat, the company said.
McCain markets various products including McCain French Fries, McCain Smiles, McCain Aloo Tikki and Idli Sambar Combo in the country.
It markets French fries and potato products to both institutional customers and retail market.
PTI
