Business Daily from THE HINDU group of publications
Tuesday, Jan 25, 2011
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Mergers & Acquisitions
States - Kerala
Platinum Group buys Craze biscuits
Snack food:Mr B. Rajagopal (left), Managing Director, Platinum Group, handing over Craze brand products to Mr Kang Choon- Tong, Director, Sing Venture Foods Pvt Ltd, at a luanching ceremony at Kochi on Monday.
Our Bureau Kochi, Jan. 24
The Kochi-based Platinum Group has acquired Craze brand of biscuits, which has a strong presence in the Kerala market.
The company has acquired the brand in collaboration with Sing Venture Foods Pvt Ltd, a company promoted by the Singapore-based Halee Investments Pte Ltd.
Addressing a press conference here on Monday, Mr B. Rajagopal, Managing Director of Platinum Group, and Mr Kang, promoter of Sing Venture, said that Craze brand has launched four varieties of snack foods in the market. The biscuits will hit the market soon.
Sing Venture has set up a modern factory near Chennai with a capacity to produce 75-90 tonnes a month. The company is looking at a sales turnover of Rs 50 crore in the first year of operations and Rs 100 crore in the next three years.
After the initial launch in Kerala, the products will be marketed in South India and will have a pan-India presence in 3-4 months.
Craze had a 12 per cent market share in the State's biscuits market. Launched in 1985, it was a strong regional player with more than 35 varieties of biscuits.
The product was also widely accepted in overseas markets of Botswana, South Africa and the West Asia. Craze is among the top four biscuit brands in Kerala.
The snack food market in Kerala is growing fast and the market is estimated at Rs 150 crore.
The Chennai manufacturing facility can produce a variety of snack foods, which are baked and fried.
It meets the international standards and some products are even new to the Indian markets, Mr Kang said.
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