Britannia Industries, the Indian food group, is setting up a new research and development centre to fuel moves into new categories.
An official for Britannia said the new R&D center will be at its greenfield biscuits and bakery manufacturing unit on the outskirts of Bangalore. It will be operational by February. Britannia is to spend US$15m on the project.
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The company is looking to enter the snack, chocolate and breakfast categories in the next six months, the official added. The R&D centre will work on the products that will launch Britannia into these markets, although the company has yet to finalise which lines it will introduce.
Earlier this month, Britannia reported higher sales and profits for the first six months of its financial year. Excluding a gain on an asset sale a year earlier, Britannia’s net profit was INR4.08bn (US$61.5m) for the period to 30 September. Consolidated profit from operations jumped 70% to INR5.59bn. Revenue grew 12% to INR41.94bn.
MD Varun Berry said: “We have been able to make inroads in our weak states in the northern region and have strengthened our position, which has helped us bolster our growth.”
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