Indian beverage maker company Manpasand Beverages Pvt Ltd (MBPL) has announced that it will set up two new manufacturing facilities in Vadodara and in Karnataka to meet the growing demand for its products, according to a PTI report.|
“We had initially focused tier II and III cities, which is our target market. There is still a great supply gap in those markets and that is why we are setting up two more facilities in North and South India,” Dhirendra Singh, Chairman & Managing Director, Manpasand Beverages, told PTI.
To meet the international demand, the company is also setting up a facility in Dubai, he said. “The company has currently undertaken a capital expenditure of Rs 100 crore, doubling its capacity from 60,000 cases per day,” Singh said. The new facilities will help the company in increasing its national reach through partners and franchises, as the company now plans to capture the rural market across the country.
“We are eyeing a sales target of Rs 1,000 crore by FY’ 2016. We have already surpassed Rs 300 crore sales for brand ‘Mango Sip’ in the last fiscal year,” Singh mentioned. The company also plans to launch its Initial Public Offer(IPO) in the market this year.
“For the purpose we have mandated investment banks Kotak Mahindra Capital Company and India Infoline to manage the issue. And are looking to raise Rs 400 crores through it,” he added. Currently, the beverage maker has its manufacturing units in Vadodara, Varanasi, and Dehradun.