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Sweet Magic, a leading brand in Andhra Pradesh and Telangana in sweets and bakery products, today announced its foray into packaged food category by launching 'wheat rusk'.
"The group turnover as of now all including is Rs 30 crore and the rusk unit may require a minimum investment of Rs 10 crore," Sweet Magic Foods Managing Director AVS Vara Prasad told reporters here.
"We are gearing up to tap into the growing business opportunity in the rusk segment by setting up a 600 MT per month capacity unit ensuring high quality products," he said.
The 'rusk' is a high growth segment which is expected to grow at 25 per cent and become a Rs 5,000 crore market by 2020, a company release said.
The company aims to capture 5-10 per cent of rusk market share in the near future, Prasad said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)