New Delhi, Oct 12 (UNI) Surya Food and Agro Ltd is planning to bring out its Initial Public Offering (IPO) in January next year to fund its expansion plans and foray into confectionary business.
''We would not like to quote the intended size of the IPO, but would say that the amount raised will fund our foray into the confectionary business and other expansion plans,'' company's Chief Managing Director B P Agarwal told reporters here.
Maker of the famous Priyagold brand of biscuits, the company is planning to expand its product line by introducing a new range of chocolates. ''The chocolates will be both in the premium and mid-segments. We are putting up a plant at Hardwar to manufacture chocolates, with an investment of about Rs 100 crore,'' Mr Agarwal added.
The construction of the plant is already underway and will be functional by March next year.
The branded chocolate segment is estimated at Rs 2,200-crore in the country.