Goel Group Invests Rs. 30 Crore to launch first food processing plant in the state.

Goel Group, India's leading integrated steel venture with a strong presence in Central India has announced its venture into the Indian frozen foods market. Renowned with an excellent reputation across all businesses, Goel Group's vision for the diversification in to the frozen foods industry is to provide consumers with the highest quality and variety of 100% vegetarian-bites. To kickstart their journey in this new category, the company today inaugurated a state-of-the-art manufacturing plant in Raipur, Chhattisgarh making it the first food processing plant in the state.

The Indian frozen foods market was valued at around INR 74 Billion in 2018 and is further projected to reach a value INR 188 Billion by 2024, expanding at a CAGR of around 17% during 2019-2024. Driven by excellence and quality, the Goel Group has invested in R&D to provide a range of frozen foods with a superior level of flavour and taste. The offerings will be made in 100% vegetarian kitchens and will deliver unparalleled quality products to consumers. The range of products will be completely free from preservatives, colours and artificial flavours.

The Goel Group has invested heavily in implementing the latest and best-in-class technologies at its facility to deliver superior products and set new benchmarks in the industry. With an initial capital investment of %30 crores, the plant will be utilizing the advanced innovative spiral freezer technology. It will not only create more than 300-500 employment opportunities in the initial year, but also source about 60% to 70% of raw materials required for the project from the state itself.

During the inaugural address, Mr. Suresh Goel, Chairman, Goel Group, said: "We are pleased to announce our new venture into the vegetarian frozen foods segment. We have been wanting to expand our business and enter into a new segment because we see lot of opportunities in India to utilise our expertise in the food category. Apart from the tremendous growth opportunity that this category offers considering the fast-paced lives of consumers today, there is a need for better quality and unique frozen food options that they can trust. We will cater to this very need with our offerings."

"We are delighted to inaugurate the first world-class food processing Plant in Raipur as it heralds a new phase of development for the Goel Group with our entry into the frozen foods category. This plant has a production capacity of 6000MT per annum. I have always been extremely passionate about food and was keen to extend my passion to the next level. This investment not only underlines our commitment towards delivering products of great quality and taste for the discerning Indian consumers but will also aim to raise the standards of the industry. This plant will produce only 100% Veg range of frozen foods which will cater to different age groups in India and abroad." Mr. Archit Goel - Director and Chief Financial Officer, Shri Bajrang Alliance Ltd. added.

EQUITYBULLS