Goel Group to launch first food processing plant
23 March 2020
Goel Group, India's 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 into 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 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 74bn in 2018 and is further projected to reach a value INR 188bn 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.